Central Pacific Bank Trust Division Sells 98 Shares of Shopify Inc. (NYSE:SHOP)

Central Pacific Bank Trust Division lowered its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 24.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 295 shares of the software maker’s stock after selling 98 shares during the period. Central Pacific Bank Trust Division’s holdings in Shopify were worth $31,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of SHOP. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC increased its position in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Shopify by 49.9% in the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after purchasing an additional 2,102,939 shares during the last quarter. Clearbridge Investments LLC boosted its position in Shopify by 54.2% in the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after buying an additional 1,657,251 shares in the last quarter. Finally, National Bank of Canada FI grew its stake in shares of Shopify by 28.0% during the third 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 last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SHOP shares. Truist Financial increased their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. The Goldman Sachs Group upped their price objective on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Royal Bank of Canada lifted their target price on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Moffett Nathanson upped their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $99.59.

Shopify Trading Up 1.6 %

NYSE:SHOP opened at $109.25 on Monday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72. The company has a market cap of $141.16 billion, a PE ratio of 102.10, a PEG ratio of 2.98 and a beta of 2.46. The firm has a 50-day moving average of $104.50 and a 200-day moving average of $83.01.

About Shopify

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.