Franklin Resources Inc. Sells 449,484 Shares of Shopify Inc. (NYSE:SHOP)

Franklin Resources Inc. trimmed its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,851,098 shares of the software maker’s stock after selling 449,484 shares during the quarter. Franklin Resources Inc. owned approximately 0.92% of Shopify worth $997,451,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Swiss National Bank raised its holdings in Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after buying an additional 33,300 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock valued at $27,409,000 after buying an additional 77,500 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in Shopify by 26.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock valued at $2,693,000 after buying an additional 7,027 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in Shopify by 4.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock valued at $381,000 after buying an additional 209 shares during the last quarter. Finally, Wahed Invest LLC increased its position in Shopify by 18.4% during the 3rd quarter. Wahed Invest LLC now owns 57,624 shares of the software maker’s stock valued at $4,618,000 after purchasing an additional 8,960 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on SHOP. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and boosted their price objective for the company from $110.00 to $140.00 in a research report on Friday, December 6th. Scotiabank boosted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Oppenheimer boosted their price objective on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Citigroup upped their target price on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $99.03.

Shopify Price Performance

NYSE SHOP opened at $115.34 on Friday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $120.72. The stock has a market cap of $149.02 billion, a price-to-earnings ratio of 107.79, a PEG ratio of 3.05 and a beta of 2.46. The company’s 50 day moving average is $95.50 and its two-hundred day moving average is $77.39. The company has a current ratio of 7.10, a quick 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.