Envestnet Portfolio Solutions Inc. Sells 5,369 Shares of Shopify Inc. (NYSE:SHOP)

Envestnet Portfolio Solutions Inc. lessened its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 11.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,987 shares of the software maker's stock after selling 5,369 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Shopify were worth $4,009,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital World Investors boosted its position in Shopify by 0.9% during the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after purchasing an additional 496,982 shares during the period. Vanguard Group Inc. boosted its position in shares of Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock valued at $5,010,721,000 after acquiring an additional 781,162 shares during the period. FMR LLC boosted its position in shares of Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock valued at $4,653,054,000 after acquiring an additional 1,426,000 shares during the period. Capital International Investors boosted its position in shares of Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock valued at $3,883,039,000 after acquiring an additional 968,026 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Shopify by 79.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after acquiring an additional 7,316,862 shares during the period. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SHOP shares. Morgan Stanley raised their price objective on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Royal Bank Of Canada cut their price objective on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. DA Davidson raised their price objective on shares of Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Finally, Barclays cut their price objective on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $115.66.

Shopify Stock Up 0.4%

NYSE:SHOP opened at $106.40 on Friday. The stock has a market cap of $138.04 billion, a P/E ratio of 68.65, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The firm's fifty day simple moving average is $100.74 and its 200 day simple moving average is $104.81. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

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.

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