Townsquare Capital LLC Lowers Holdings in Shopify Inc. (NYSE:SHOP)

Townsquare Capital LLC lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 463,074 shares of the software maker’s stock after selling 18,373 shares during the quarter. Townsquare Capital LLC’s holdings in Shopify were worth $49,239,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Shopify by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after purchasing an additional 781,162 shares during the last quarter. FMR LLC lifted its position in shares of Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after buying an additional 1,426,000 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker’s stock valued at $1,752,834,000 after buying an additional 7,316,862 shares during the last quarter. FIL Ltd grew its holdings in Shopify by 11.9% during the 4th quarter. FIL Ltd now owns 15,774,148 shares of the software maker’s stock valued at $1,678,865,000 after buying an additional 1,682,326 shares in the last quarter. Finally, Norges Bank bought a new stake in Shopify in the 4th quarter worth approximately $1,542,262,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SHOP shares. CIBC lifted their price objective on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. boosted their price objective on Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Scotiabank upped their price objective on Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Robert W. Baird lifted their target price on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, New Street Research began coverage on Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Price Performance

Shares of SHOP stock opened at $83.71 on Friday. The stock’s fifty day moving average price is $104.13 and its 200 day moving average price is $101.48. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a market cap of $108.39 billion, a price-to-earnings ratio of 54.01, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82.

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

Shopify Company 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.