Castleark Management LLC Cuts Stake in Shopify Inc. $SHOP

Key Points

• Castleark Management reduced its Shopify stake by 10.1% in the first quarter, selling 34,792 shares and retaining 310,590 shares valued at approximately $36.8 million.
• Institutional ownership remains significant at 69.27%, with several major investors—including M&T Bank, Mirae Asset and Massachusetts Financial Services—adding to their Shopify positions.
• Shopify shares opened at $113.75, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $157.69, despite some recent target cuts and a downgrade to “Hold.”

Castleark Management LLC cut its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 310,590 shares of the software maker's stock after selling 34,792 shares during the period. Shopify accounts for 1.2% of Castleark Management LLC's holdings, making the stock its 19th biggest holding. Castleark Management LLC's holdings in Shopify were worth $36,842,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SHOP. M&T Bank Corp boosted its stake in Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker's stock valued at $13,051,000 after buying an additional 21,945 shares during the last quarter. Triasima Portfolio Management inc. grew its holdings in Shopify by 11.0% during the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker's stock valued at $29,398,000 after buying an additional 18,028 shares in the last quarter. Assetmark Inc. increased its stake in Shopify by 6.7% in the 4th quarter. Assetmark Inc. now owns 213,583 shares of the software maker's stock worth $34,380,000 after acquiring an additional 13,415 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Shopify by 12.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker's stock worth $84,689,000 after acquiring an additional 59,745 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Shopify by 6.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,892,833 shares of the software maker's stock worth $948,569,000 after acquiring an additional 356,008 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

NASDAQ:SHOP opened at $113.75 on Monday. The firm has a market capitalization of $147.61 billion, a price-to-earnings ratio of 112.62, a PEG ratio of 2.45 and a beta of 2.58. The business has a 50 day simple moving average of $114.39 and a 200-day simple moving average of $121.82. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

Shopify News Roundup

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Citigroup lowered its price target on Shopify to $150 from $156 but kept a Buy rating, implying meaningful upside from current levels. Benzinga
• Positive Sentiment: Several analyst-focused articles highlighted Shopify as a buy and pointed to roughly 28% upside based on consensus price targets, which can support sentiment around the stock. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Growth-oriented coverage continued to argue that Shopify’s strong fundamentals and growth profile could make it attractive for long-term investors. 3 Reasons Why Growth Investors Shouldn't Overlook Shopify (SHOP)
• Neutral Sentiment: Reports about Shopify merchants processing record GMV and the broader merchant ecosystem underscore platform momentum, but they were more of an industry/operating backdrop than a direct stock-moving announcement. DSCP Smart Fulfillment Addresses Critical Gap as Shopify Merchants Process Record $378 Billion in Annual Sales
• Negative Sentiment: Rothschild & Co Redburn cut Shopify to Hold, a downgrade that likely pressured the shares and signaled more caution on the stock’s near-term upside. Shopify NASDAQ: SHOP Cut to "Hold" at Rothschild & Co Redburn

Wall Street Analyst Weigh In

SHOP has been the subject of a number of research reports. Needham & Company LLC reiterated a "buy" rating and set a $180.00 target price on shares of Shopify in a research report on Tuesday, May 5th. Weiss Ratings cut shares of Shopify from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, May 6th. Wells Fargo & Company decreased their price target on shares of Shopify from $166.00 to $144.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 6th. Bank of America initiated coverage on shares of Shopify in a research report on Tuesday, July 7th. They set a "buy" rating and a $150.00 price objective for the company. Finally, BMO Capital Markets began coverage on shares of Shopify in a research note on Friday, July 10th. They issued a "market perform" rating for the company. Three analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $157.69.

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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