ARK Investment Management LLC Has $715.68 Million Stake in Shopify Inc. $SHOP

Key Points

• ARK Investment trimmed its stake in Shopify by 4.6% in Q3 to 4,815,833 shares (about $715.68 million), representing roughly 0.37% of Shopify and about 4.3% of ARK’s portfolio as its 7th largest position.
• Other institutions made big moves — Vanguard now owns ~49.93M shares (~$7.42B), Jennison boosted its stake 64.3% to 18.92M shares (~$2.81B), and Norges Bank opened a new position worth about $1.79B — with institutional investors holding roughly 69.27% of the stock.
• Analysts maintain a bullish tilt on SHOP with a consensus rating of "Moderate Buy" and an average price target of $162.64 (2 Strong Buy, 31 Buy, 10 Hold).

ARK Investment Management LLC lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 4.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,815,833 shares of the software maker's stock after selling 233,675 shares during the period. Shopify accounts for about 4.3% of ARK Investment Management LLC's portfolio, making the stock its 7th biggest position. ARK Investment Management LLC owned about 0.37% of Shopify worth $715,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Shopify by 1.2% during the third quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker's stock worth $7,417,517,000 after purchasing an additional 610,129 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker's stock valued at $2,812,211,000 after buying an additional 7,403,821 shares during the period. Norges Bank bought a new position in shares of Shopify during the second quarter valued at $1,794,952,000. Loomis Sayles & Co. L P raised its position in Shopify by 1.3% during the 2nd quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker's stock worth $1,686,738,000 after purchasing an additional 191,824 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker's stock valued at $1,247,007,000 after acquiring an additional 1,781,530 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Shopify in a research note on Wednesday, November 5th. TD Cowen upgraded shares of Shopify from a "hold" rating to a "buy" rating and set a $159.00 price objective for the company in a report on Wednesday, February 11th. Arete Research set a $175.00 target price on shares of Shopify in a report on Monday, February 2nd. Truist Financial set a $150.00 price target on Shopify and gave the company a "buy" rating in a research note on Tuesday, February 17th. Finally, TD Securities raised Shopify from a "hold" rating to a "buy" rating and set a $159.00 price objective for the company in a research note on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $162.64.

Shopify Stock Up 6.4%

SHOP opened at $129.65 on Thursday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company's 50-day moving average price is $138.80 and its two-hundred day moving average price is $149.18. The stock has a market cap of $168.78 billion, a price-to-earnings ratio of 139.41, a PEG ratio of 4.44 and a beta of 2.83.

Shopify 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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