Allen Investment Management LLC Sells 125,852 Shares of Shopify Inc. $SHOP

Key Points

• Allen Investment Management LLC cut its Shopify stake by 18.3% in the first quarter, selling 125,852 shares and ending the period with 561,136 shares valued at about $66.6 million.
• Despite that sale, Shopify remains widely held by institutions, with 69.27% of shares owned by institutional investors and several large funds recently increasing their positions.
• Analyst sentiment is still broadly positive but mixed: Shopify has a Moderate Buy consensus rating and a consensus target price of $157.58, though some firms recently downgraded or lowered price targets.

Allen Investment Management LLC decreased its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 18.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 561,136 shares of the software maker's stock after selling 125,852 shares during the quarter. Allen Investment Management LLC's holdings in Shopify were worth $66,579,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Shopify in the fourth quarter worth about $2,611,797,000. Sands Capital Management LLC raised its stake in Shopify by 37.0% during the 4th quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker's stock worth $1,530,187,000 after acquiring an additional 2,568,765 shares during the period. Invesco Ltd. raised its stake in Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker's stock worth $2,257,796,000 after acquiring an additional 1,252,074 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker's stock valued at $184,883,000 after purchasing an additional 1,132,545 shares in the last quarter. Finally, Select Equity Group L.P. lifted its holdings in Shopify by 92.5% during the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker's stock valued at $259,124,000 after purchasing an additional 1,079,494 shares in the last quarter. 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. Weiss Ratings lowered shares of Shopify from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, May 6th. Citigroup downgraded shares of Shopify from a "market outperform" rating to a "neutral" rating in a research report on Friday, July 10th. National Bank Financial lowered their target price on shares of Shopify from $200.00 to $155.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 27th. BTIG Research initiated coverage on shares of Shopify in a report on Friday, July 10th. They issued a "buy" rating for the company. Finally, Robert W. Baird set a $150.00 price target on Shopify in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.58.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $123.56 on Monday. The firm has a fifty day moving average price of $112.47 and a 200 day moving average price of $123.35. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The firm has a market cap of $160.34 billion, a price-to-earnings ratio of 122.34, a P/E/G ratio of 2.68 and a beta of 2.58.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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