Annis Gardner Whiting Capital Advisors LLC Cuts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Annis Gardner Whiting Capital Advisors LLC has significantly reduced its stake in Shopify by 95.9%, holding only 744 shares after selling over 17,600 shares in Q1.
• The current market performance shows Shopify shares trading at $127.00, with a market cap of $164.77 billion and a P/E ratio of 81.94.
• Recent analyst ratings suggest a mixed outlook for Shopify, with several upgrades and a consensus price target of $120.74, indicating a Moderate Buy sentiment.

Annis Gardner Whiting Capital Advisors LLC lowered its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 95.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 744 shares of the software maker's stock after selling 17,602 shares during the period. Annis Gardner Whiting Capital Advisors LLC's holdings in Shopify were worth $71,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Mather Group LLC. lifted its stake in shares of Shopify by 127.4% in the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after acquiring an additional 511 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in Shopify during the first quarter worth about $382,000. GAMMA Investing LLC lifted its position in Shopify by 80.0% in the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after purchasing an additional 428 shares during the period. Bessemer Group Inc. lifted its position in Shopify by 3.8% in the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after purchasing an additional 38,616 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after purchasing an additional 432 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Down 2.5%

Shares of Shopify stock traded down $3.83 during trading hours on Thursday, reaching $151.07. 15,918,183 shares of the company's stock were exchanged, compared to its average volume of 10,558,622. The company has a fifty day moving average of $116.61 and a 200-day moving average of $107.55. Shopify Inc. has a 52-week low of $63.91 and a 52-week high of $156.85. The firm has a market capitalization of $196.00 billion, a price-to-earnings ratio of 97.47, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Analyst Ratings Changes

SHOP has been the subject of a number of analyst reports. Mizuho increased their target price on Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research note on Thursday. Morgan Stanley increased their price objective on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Stifel Nicolaus raised their target price on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a report on Thursday. Scotiabank reaffirmed a "sector perform" rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research note on Thursday. Finally, The Goldman Sachs Group increased their price target on shares of Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $143.69.

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.