Brown Capital Management LLC Sells 33,511 Shares of Shopify Inc. (NYSE:SHOP)

Brown Capital Management LLC cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 478,449 shares of the software maker’s stock after selling 33,511 shares during the quarter. Brown Capital Management LLC’s holdings in Shopify were worth $38,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Baillie Gifford & Co. increased its stake in shares of Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Shopify by 6.9% in the 2nd quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock worth $572,263,000 after purchasing an additional 559,917 shares during the period. Legal & General Group Plc boosted its stake in shares of Shopify by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock valued at $544,017,000 after purchasing an additional 145,618 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Shopify by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock valued at $510,016,000 after buying an additional 533,111 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on SHOP. Barclays raised their price objective on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Piper Sandler lifted their price target on Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. increased their price objective on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a report on Monday, October 7th. Finally, Morgan Stanley increased their price target on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $94.95.

Shopify Stock Performance

Shares of SHOP opened at $103.97 on Thursday. The business has a 50-day simple moving average of $84.11 and a two-hundred day simple moving average of $71.71. 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 Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The stock has a market cap of $134.16 billion, a price-to-earnings ratio of 97.17, a PEG ratio of 3.09 and a beta of 2.36.

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.