Envestnet Asset Management Inc. lessened its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,024,792 shares of the software maker's stock after selling 38,641 shares during the quarter. Envestnet Asset Management Inc. owned 0.16% of Shopify worth $193,319,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. LRI Investments LLC boosted its holdings in shares of Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after purchasing an additional 79 shares during the period. Tidemark LLC lifted its holdings in Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after buying an additional 90 shares during the period. Mark Sheptoff Financial Planning LLC lifted its holdings in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after buying an additional 100 shares during the period. Seven Mile Advisory lifted its holdings in Shopify by 2.3% in the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock worth $539,000 after buying an additional 114 shares during the period. Finally, Avidian Wealth Enterprises LLC lifted its holdings in Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after buying an additional 116 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.
Shopify Trading Down 2.6%
Shares of SHOP traded down $3.05 during trading hours on Friday, reaching $112.11. 5,574,434 shares of the stock traded hands, compared to its average volume of 9,310,497. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The company's 50-day moving average price is $107.86 and its two-hundred day moving average price is $104.95. The company has a market cap of $145.45 billion, a P/E ratio of 72.33, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.
Analysts Set New Price Targets
Several analysts have commented on the stock. KeyCorp lowered their price objective on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. BMO Capital Markets assumed coverage on shares of Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price objective for the company. Loop Capital lowered their price objective on shares of Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, Barclays decreased their target price on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $115.66.
Get Our Latest Analysis on SHOP
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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