TCW Group Inc. Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

TCW Group Inc. lowered its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,239,879 shares of the software maker’s stock after selling 68,866 shares during the period. Shopify comprises 1.1% of TCW Group Inc.’s holdings, making the stock its 23rd largest position. TCW Group Inc.’s holdings in Shopify were worth $131,836,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Olympiad Research LP purchased a new position in shares of Shopify during the 4th quarter valued at $321,000. Sigma Planning Corp lifted its position in shares of Shopify by 3.0% during the 4th quarter. Sigma Planning Corp now owns 16,410 shares of the software maker’s stock valued at $1,745,000 after buying an additional 471 shares during the last quarter. VisionPoint Advisory Group LLC purchased a new position in shares of Shopify during the 4th quarter valued at $124,000. Lane & Associates LLC purchased a new position in shares of Shopify during the 4th quarter valued at $203,000. Finally, O Neil Global Advisors Inc. purchased a new position in shares of Shopify during the 4th quarter valued at $2,018,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SHOP shares. Piper Sandler upped their price target on Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a research report on Wednesday, February 12th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a report on Monday, February 10th. Wells Fargo & Company increased their price target on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Robert W. Baird increased their price target on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Moffett Nathanson increased their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Stock Down 6.5 %

Shares of SHOP stock opened at $115.40 on Friday. The stock has a fifty day moving average of $112.85 and a 200 day moving average of $95.38. 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 $149.42 billion, a price-to-earnings ratio of 74.45, a PEG ratio of 4.82 and a beta of 2.47.

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

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.