Franklin Resources Inc. Cuts Stake in Shopify Inc. (NYSE:SHOP)

Franklin Resources Inc. reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,851,098 shares of the software maker’s stock after selling 449,484 shares during the quarter. Franklin Resources Inc.’s holdings in Shopify were worth $997,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in SHOP. Peapack Gladstone Financial Corp grew its holdings in shares of Shopify by 29.3% in the third quarter. Peapack Gladstone Financial Corp now owns 9,551 shares of the software maker’s stock valued at $765,000 after purchasing an additional 2,162 shares in the last quarter. Synovus Financial Corp bought a new stake in Shopify in the third quarter worth $481,000. Wilmington Savings Fund Society FSB bought a new stake in Shopify in the third quarter worth $615,000. World Investment Advisors LLC lifted its position in Shopify by 113.4% in the third quarter. World Investment Advisors LLC now owns 12,751 shares of the software maker’s stock worth $1,022,000 after buying an additional 6,776 shares during the last quarter. Finally, Sanctuary Advisors LLC lifted its position in Shopify by 11.6% in the third quarter. Sanctuary Advisors LLC now owns 151,227 shares of the software maker’s stock worth $12,119,000 after buying an additional 15,740 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of analyst reports. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Oppenheimer raised their price target on Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Truist Financial raised their price target on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Scotiabank lifted their target price on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Finally, Piper Sandler lifted their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.03.

Shopify Price Performance

Shares of NYSE SHOP opened at $115.34 on Friday. The business’s 50 day moving average price is $95.50 and its 200 day moving average price is $77.39. The firm has a market cap of $149.02 billion, a P/E ratio of 107.79, a P/E/G ratio of 3.05 and a beta of 2.46. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $120.72. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

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.