Intech Investment Management LLC Sells 6,922 Shares of Shopify Inc. (NYSE:SHOP)

Intech Investment Management LLC lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 19.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 28,168 shares of the software maker’s stock after selling 6,922 shares during the quarter. Intech Investment Management LLC’s holdings in Shopify were worth $2,259,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Baillie Gifford & Co. grew its position in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Shopify by 49.9% during the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after buying an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after buying an additional 1,657,251 shares in the last quarter. MUFG Securities EMEA plc boosted its position in shares of Shopify by 11,507.2% during the second quarter. MUFG Securities EMEA plc now owns 1,506,260 shares of the software maker’s stock worth $99,488,000 after acquiring an additional 1,493,283 shares during the last quarter. Finally, TCW Group Inc. grew its stake in Shopify by 1,834.9% during the second quarter. TCW Group Inc. now owns 1,296,842 shares of the software maker’s stock valued at $85,656,000 after acquiring an additional 1,229,820 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP opened at $106.96 on Monday. The company has a market capitalization of $138.02 billion, a price-to-earnings ratio of 99.96, a PEG ratio of 2.80 and a beta of 2.36. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $115.62. The business’s fifty day simple moving average is $85.50 and its 200-day simple moving average is $72.18.

Analyst Upgrades and Downgrades

Several analysts have commented on SHOP shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Roth Mkm increased their price target on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. UBS Group lifted their price objective on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Loop Capital increased their target price on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Scotiabank boosted their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Profile

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.