Evolutionary Tree Capital Management LLC Trims Stock Holdings in Shopify Inc. $SHOP

Key Points

• Evolutionary Tree Capital Management cut its Shopify stake by 64.3% in the first quarter, selling 13,046 shares and retaining 7,245 shares valued at approximately $859,000.
• Other institutional investors increased their Shopify holdings, and institutional investors and hedge funds collectively own 69.27% of the company’s stock.
• Shopify shares opened at $117.15, while analysts maintain a “Moderate Buy” consensus with an average price target of $157.69, despite several recent price-target reductions.

Evolutionary Tree Capital Management LLC lowered its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 64.3% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 7,245 shares of the software maker's stock after selling 13,046 shares during the quarter. Shopify comprises about 1.6% of Evolutionary Tree Capital Management LLC's portfolio, making the stock its 25th largest position. Evolutionary Tree Capital Management LLC's holdings in Shopify were worth $859,000 at the end of the most recent reporting period.

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

Shopify Price Performance

SHOP opened at $117.15 on Friday. The firm has a fifty day moving average price of $116.58 and a 200 day moving average price of $120.67. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The stock has a market cap of $152.02 billion, a P/E ratio of 115.99, a P/E/G ratio of 2.64 and a beta of 2.58.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Morgan Stanley lowered shares of Shopify from an "overweight" rating to a "buy" rating in a report on Monday, July 13th. Wells Fargo & Company cut their price target on Shopify from $166.00 to $144.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Piper Sandler reiterated an "overweight" rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Zacks Research raised Shopify from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 7th. Finally, Weiss Ratings downgraded Shopify from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $157.69.

About Shopify

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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