Shopify Inc. (NYSE:SHOP) Shares Sold by Nikko Asset Management Americas Inc.

Nikko Asset Management Americas Inc. lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,025,263 shares of the software maker’s stock after selling 851,729 shares during the period. Shopify comprises 5.8% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 3rd largest holding. Nikko Asset Management Americas Inc. owned approximately 0.39% of Shopify worth $534,336,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. PFG Private Wealth Management LLC lifted its position in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after purchasing an additional 256 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Shopify in the 3rd quarter worth about $33,000. New Wave Wealth Advisors LLC acquired a new position in Shopify during the 4th quarter valued at about $39,000. Mather Group LLC. increased its stake in Shopify by 84.8% during 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 during the period. Finally, Truvestments Capital LLC acquired a new position in Shopify during the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

NYSE:SHOP opened at $94.88 on Monday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market cap of $122.86 billion, a price-to-earnings ratio of 61.22, a PEG ratio of 4.82 and a beta of 2.60. The business’s fifty day moving average is $110.88 and its 200 day moving average is $98.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. Equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SHOP. Evercore ISI lifted their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Piper Sandler raised their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Scotiabank lifted their target price on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Royal Bank of Canada boosted their target price on shares of Shopify from $130.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Finally, Wedbush reiterated an “outperform” rating and set a $125.00 price target on shares of Shopify in a research note on Tuesday, February 11th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $126.31.

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.