Blue Barn Wealth LLC Trims Holdings in Shopify Inc. (NYSE:SHOP)

Blue Barn Wealth LLC reduced its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,406 shares of the software maker’s stock after selling 401 shares during the quarter. Blue Barn Wealth LLC’s holdings in Shopify were worth $787,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SHOP. Baillie Gifford & Co. boosted its position in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares in the last quarter. FMR LLC boosted its holdings in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares in the last quarter. National Bank of Canada FI grew its position in shares of Shopify by 28.0% in the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after buying an additional 1,621,981 shares during the period. Massachusetts Financial Services Co. MA raised its position in Shopify by 52.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after buying an additional 1,325,350 shares during the last quarter. Finally, Jennison Associates LLC bought a new stake in shares of Shopify in the fourth quarter worth approximately $132,323,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on SHOP shares. Citigroup increased their price objective on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Evercore ISI raised their price target on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Finally, Truist Financial increased their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

Shares of SHOP opened at $106.40 on Thursday. The stock has a market capitalization of $137.77 billion, a price-to-earnings ratio of 68.65, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The business’s 50 day simple moving average is $112.57 and its 200-day simple moving average is $97.59.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify 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.