Harel Insurance Investments & Financial Services Ltd. Sells 4,538 Shares of Shopify Inc. (NYSE:SHOP)

Harel Insurance Investments & Financial Services Ltd. cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 69.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,972 shares of the software maker’s stock after selling 4,538 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Shopify were worth $154,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Baillie Gifford & Co. boosted its holdings in Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after acquiring an additional 1,419,749 shares during the period. Vanguard Group Inc. boosted its holdings in Shopify by 1.6% during the third quarter. Vanguard Group Inc. now owns 40,926,224 shares of the software maker’s stock valued at $2,233,344,000 after acquiring an additional 634,883 shares during the period. Norges Bank bought a new stake in Shopify during the fourth quarter valued at about $414,365,000. TD Asset Management Inc boosted its holdings in Shopify by 4.4% during the third quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock valued at $389,052,000 after acquiring an additional 299,788 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Shopify by 6.5% during the third quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock valued at $339,750,000 after acquiring an additional 377,901 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent analyst reports. Piper Sandler restated an “underweight” rating and set a $63.00 price target on shares of Shopify in a report on Thursday, April 11th. CIBC upped their price objective on shares of Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. JMP Securities reaffirmed a “market perform” rating on shares of Shopify in a research report on Monday, December 18th. UBS Group upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. Finally, Barclays cut their price objective on shares of Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 14th. Three research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Shopify has a consensus rating of “Hold” and an average target price of $78.00.

Shopify Stock Performance

Shares of SHOP opened at $68.55 on Tuesday. The firm has a 50-day moving average of $77.71 and a 200-day moving average of $71.66. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a market cap of $88.19 billion, a PE ratio of 761.75 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. As a group, equities analysts forecast that Shopify Inc. will post 0.57 earnings per share for the current year.

About Shopify

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.