Berkshire Capital Holdings Inc. Sells 67,090 Shares of Shopify Inc. (NYSE:SHOP)

Berkshire Capital Holdings Inc. cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 46.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 78,680 shares of the software maker’s stock after selling 67,090 shares during the quarter. Shopify comprises 3.0% of Berkshire Capital Holdings Inc.’s holdings, making the stock its 17th biggest position. Berkshire Capital Holdings Inc.’s holdings in Shopify were worth $8,366,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. FMR LLC grew its position in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Shopify by 6.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after purchasing an additional 484,561 shares during the period. National Bank of Canada FI grew its position in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Shopify by 30.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock valued at $754,201,000 after purchasing an additional 1,647,374 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Shopify by 9.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after purchasing an additional 471,280 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Royal Bank of Canada upped their price target on Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $120.00 price target on shares of Shopify in a research report on Wednesday, February 12th. Robert W. Baird upped their price target on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Loop Capital raised Shopify from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. Finally, Piper Sandler upped their price target on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

SHOP opened at $101.69 on Thursday. The firm has a market cap of $131.66 billion, a P/E ratio of 65.60, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The business’s fifty day moving average is $110.15 and its 200-day moving average is $99.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.