Thornburg Investment Management Inc. Sells 143,831 Shares of Shopify Inc. (NYSE:SHOP)

Thornburg Investment Management Inc. trimmed its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 29.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 348,161 shares of the software maker’s stock after selling 143,831 shares during the quarter. Thornburg Investment Management Inc.’s holdings in Shopify were worth $37,020,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of SHOP. Allianz SE purchased a new stake in Shopify during the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC raised its position in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC lifted its stake in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. New Wave Wealth Advisors LLC bought a new position in Shopify in the 4th quarter worth approximately $39,000. Finally, Mather Group LLC. grew its stake in Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent research reports. BMO Capital Markets assumed coverage on Shopify in a research report on Tuesday, May 6th. They set an “outperform” rating and a $120.00 target price on the stock. BNP Paribas cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Monday, May 5th. ATB Capital raised their target price on Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft upped their price target on Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. Finally, Piper Sandler raised their price objective on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.37.

Shopify Stock Performance

NYSE:SHOP opened at $110.75 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The business has a 50 day moving average price of $94.30 and a 200-day moving average price of $103.90. The firm has a market cap of $143.40 billion, a PE ratio of 71.45, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

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.