Sumitomo Mitsui Trust Group Inc. Sells 1,055,674 Shares of Shopify Inc. $SHOP

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 20.2% in the third quarter, Holdings Channel reports. The fund owned 4,175,583 shares of the software maker’s stock after selling 1,055,674 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Shopify were worth $620,533,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in SHOP. Heartwood Wealth Advisors LLC bought a new position in Shopify during the third quarter worth $27,000. Family Legacy Financial Solutions LLC bought a new stake in Shopify in the 2nd quarter valued at $25,000. Rothschild Investment LLC lifted its holdings in shares of Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares during the period. Financial Gravity Companies Inc. bought a new position in Shopify during the second quarter worth about $27,000. Finally, Tradewinds Capital Management LLC grew its position in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SHOP shares. Citigroup restated a “market outperform” rating on shares of Shopify in a research report on Thursday, December 4th. Cantor Fitzgerald reissued a “neutral” rating and set a $181.00 price objective (up from $156.00) on shares of Shopify in a report on Wednesday, November 5th. Truist Financial set a $155.00 price target on Shopify and gave the stock a “hold” rating in a research report on Tuesday, November 4th. Wedbush restated an “outperform” rating and set a $185.00 price objective (up previously from $160.00) on shares of Shopify in a report on Tuesday, November 4th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $200.00 price objective on shares of Shopify in a research note on Wednesday, January 7th. Twenty-four analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $171.61.

Shopify Price Performance

NASDAQ:SHOP opened at $164.48 on Monday. The company has a market cap of $214.13 billion, a P/E ratio of 121.84, a P/E/G ratio of 4.89 and a beta of 2.83. The firm’s fifty day moving average price is $160.02 and its two-hundred day moving average price is $148.14. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. As a group, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.