Cresset Asset Management LLC Decreases Stake in Shopify Inc. (NYSE:SHOP)

Cresset Asset Management LLC decreased its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 4.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 158,470 shares of the software maker's stock after selling 8,069 shares during the period. Cresset Asset Management LLC's holdings in Shopify were worth $16,850,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC acquired a new position in shares of Shopify during the fourth quarter worth $132,323,000. Watts Gwilliam & Co. LLC lifted its holdings in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker's stock worth $1,431,000 after buying an additional 4,641 shares in the last quarter. Synovus Financial Corp acquired a new position in Shopify in the 3rd quarter worth $481,000. Western Financial Corp CA purchased a new position in Shopify in the 4th quarter valued at about $239,000. Finally, Kessler Investment Group LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $6,105,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent analyst reports. Oppenheimer lowered their price objective on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. National Bankshares decreased their price target on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Wells Fargo & Company upped their price target on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday. Finally, Royal Bank of Canada cut their target price on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $116.00.

Shopify Trading Down 4.6 %

Shares of NYSE SHOP opened at $93.83 on Wednesday. The firm has a 50-day moving average of $94.07 and a two-hundred day moving average of $102.63. The company has a market capitalization of $121.49 billion, a price-to-earnings ratio of 60.54, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share 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%. As a group, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current 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.

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