Ritholtz Wealth Management decreased its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 22.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,154 shares of the software maker's stock after selling 6,752 shares during the period. Ritholtz Wealth Management's holdings in Shopify were worth $2,211,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Shopify in the 4th quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its holdings in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. Alliancebernstein L.P. grew its stake in Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after buying an additional 3,849,796 shares during the last quarter. Marshall Wace LLP lifted its holdings in Shopify by 623.8% during the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after purchasing an additional 2,228,091 shares during the last quarter. Finally, Durable Capital Partners LP increased its position in Shopify by 86.9% during the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after acquiring an additional 1,836,294 shares during the period. 69.27% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several analysts recently issued reports on the stock. Cantor Fitzgerald reiterated a "neutral" rating and set a $91.00 price target on shares of Shopify in a research report on Wednesday, June 11th. Atb Cap Markets raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Mizuho cut their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. Finally, DA Davidson raised their target price on Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.66.
Check Out Our Latest Research Report on SHOP
Shopify Stock Up 0.5%
Shares of SHOP traded up $0.58 during midday trading on Friday, hitting $106.55. The company's stock had a trading volume of 7,218,230 shares, compared to its average volume of 11,018,214. The stock has a market capitalization of $138.23 billion, a price-to-earnings ratio of 68.80, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company's fifty day simple moving average is $100.28 and its two-hundred day simple moving average is $104.91.
About Shopify
(
Free Report)
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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