Shopify Inc. (NYSE:SHOP) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 60.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,790 shares of the software maker’s stock after selling 5,735 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Shopify were worth $362,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SHOP. Fourth Dimension Wealth LLC acquired a new stake in Shopify in the 4th quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Shopify in the 4th quarter valued at about $46,000. N.E.W. Advisory Services LLC acquired a new stake in Shopify in the 1st quarter valued at about $49,000. FWL Investment Management LLC acquired a new stake in shares of Shopify during the 4th quarter worth about $56,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Shopify during the 4th quarter worth about $60,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Morgan Stanley raised their target price on Shopify from $106.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. Stifel Nicolaus raised their target price on Shopify from $100.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday, July 15th. Capital One Financial raised Shopify from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 8th. Scotiabank raised their target price on Shopify from $90.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Monday. Finally, National Bankshares raised their target price on Shopify from $120.00 to $140.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $120.34.

Shopify Price Performance

SHOP opened at $123.01 on Thursday. The business has a 50 day simple moving average of $113.18 and a 200-day simple moving average of $106.30. The stock has a market capitalization of $159.59 billion, a P/E ratio of 79.36, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

Shopify Company 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.