Shopify Inc. (NYSE:SHOP) is Nikko Asset Management Americas Inc.’s 3rd Largest Position

Nikko Asset Management Americas Inc. cut its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.5% in the 4th quarter, HoldingsChannel reports. The fund owned 5,025,263 shares of the software maker’s stock after selling 851,729 shares during the quarter. Shopify accounts for 5.8% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 3rd biggest position. Nikko Asset Management Americas Inc.’s holdings in Shopify were worth $534,336,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. William Blair Investment Management LLC lifted its holdings in Shopify by 19.3% in the 4th quarter. William Blair Investment Management LLC now owns 2,150,751 shares of the software maker’s stock worth $228,689,000 after buying an additional 347,230 shares during the period. Counterpoint Mutual Funds LLC lifted its holdings in Shopify by 380.6% in the 4th quarter. Counterpoint Mutual Funds LLC now owns 12,867 shares of the software maker’s stock worth $1,368,000 after buying an additional 10,190 shares during the period. Pitti Group Wealth Management LLC purchased a new stake in Shopify in the 4th quarter worth approximately $255,000. Creative Financial Designs Inc. ADV lifted its holdings in Shopify by 4.7% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 5,495 shares of the software maker’s stock worth $584,000 after buying an additional 245 shares during the period. Finally, SlateStone Wealth LLC lifted its holdings in Shopify by 8.5% in the 4th quarter. SlateStone Wealth LLC now owns 7,080 shares of the software maker’s stock worth $753,000 after buying an additional 555 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SHOP. Barclays increased their price objective on Shopify from $93.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 12th. Canaccord Genuity Group lifted their price target on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. ATB Capital lifted their price target on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Citigroup lifted their price target on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. Finally, DA Davidson lifted their price target on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $126.31.

Shopify Stock Performance

NYSE:SHOP opened at $94.88 on Monday. The stock has a 50-day simple moving average of $110.88 and a two-hundred day simple moving average of $98.78. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market capitalization of $122.86 billion, a PE ratio of 61.22, a P/E/G ratio of 4.82 and a beta of 2.60.

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