Shopify Inc. $SHOP Shares Sold by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. decreased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 141,135 shares of the software maker’s stock after selling 31,551 shares during the quarter. Thornburg Investment Management Inc.’s holdings in Shopify were worth $20,974,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. K.J. Harrison & Partners Inc increased its holdings in shares of Shopify by 13.6% in the 3rd quarter. K.J. Harrison & Partners Inc now owns 50,227 shares of the software maker’s stock valued at $7,599,000 after purchasing an additional 6,000 shares in the last quarter. Intech Investment Management LLC grew its position in Shopify by 7.9% during the third quarter. Intech Investment Management LLC now owns 192,362 shares of the software maker’s stock worth $28,585,000 after buying an additional 14,098 shares during the period. Hurley Capital LLC increased its holdings in Shopify by 218.2% in the third quarter. Hurley Capital LLC now owns 350 shares of the software maker’s stock valued at $52,000 after buying an additional 240 shares in the last quarter. Empirical Asset Management LLC lifted its position in shares of Shopify by 6.8% during the 3rd quarter. Empirical Asset Management LLC now owns 3,903 shares of the software maker’s stock valued at $580,000 after acquiring an additional 250 shares during the period. Finally, Cary Street Partners Financial LLC lifted its position in shares of Shopify by 3.2% during the 3rd quarter. Cary Street Partners Financial LLC now owns 45,846 shares of the software maker’s stock valued at $6,813,000 after acquiring an additional 1,401 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. UBS Group decreased their target price on Shopify from $165.00 to $145.00 and set a “neutral” rating on the stock in a research report on Thursday, February 12th. Evercore set a $135.00 price target on Shopify in a research report on Wednesday, February 11th. Canaccord Genuity Group set a $165.00 price target on Shopify and gave the stock a “buy” rating in a research note on Thursday, February 12th. Finally, Royal Bank Of Canada set a $170.00 price objective on shares of Shopify and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $162.64.

Shopify Stock Up 2.8%

Shares of NASDAQ:SHOP opened at $120.24 on Thursday. The company has a market capitalization of $156.53 billion, a P/E ratio of 129.29, a P/E/G ratio of 4.26 and a beta of 2.83. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The stock’s fifty day simple moving average is $143.35 and its 200-day simple moving average is $149.98.

Shopify Profile

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.