Penserra Capital Management LLC Cuts Holdings in Shopify Inc. (NYSE:SHOP)

Penserra Capital Management LLC lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,318 shares of the software maker’s stock after selling 3,972 shares during the period. Penserra Capital Management LLC’s holdings in Shopify were worth $1,387,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Baillie Gifford & Co. lifted its stake in shares of Shopify by 14.7% in the 3rd 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. TD Asset Management Inc lifted its position in Shopify by 6.9% during the second quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock valued at $572,263,000 after buying an additional 559,917 shares in the last quarter. Legal & General Group Plc grew its stake in Shopify by 1.8% during the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after buying an additional 145,618 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Shopify by 7.4% in the second quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock worth $510,016,000 after acquiring an additional 533,111 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after acquiring an additional 2,102,939 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 1.0 %

Shares of Shopify stock opened at $112.08 on Wednesday. The stock has a market capitalization of $144.63 billion, a price-to-earnings ratio of 104.75, a PEG ratio of 2.81 and a beta of 2.36. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The business’s 50 day simple moving average is $87.00 and its 200-day simple moving average is $72.90.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft upped their price target on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Roth Mkm raised their target price on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Wedbush reissued a “neutral” rating and set a $115.00 price target (up from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Finally, DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $95.84.

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.