Shopify Inc. (NYSE:SHOP) Stock Position Cut by ARK Investment Management LLC

Key Points

• ARK Investment Management LLC has reduced its position in Shopify Inc. by 1.3%, holding approximately 4.2% of its investment portfolio in the company, which remains its 7th largest holding after selling 60,799 shares.
• The stock price of Shopify has increased 1.9%, now trading at about $124.43, with analysts giving it a consensus rating of "Moderate Buy" and an average price target of $119.16.
• Several hedge funds have recently made adjustments to their Shopify holdings, including new purchases by Allianz SE and Fourth Dimension Wealth LLC, indicating ongoing interest from institutional investors.

ARK Investment Management LLC cut its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,444,225 shares of the software maker's stock after selling 60,799 shares during the quarter. Shopify makes up approximately 4.2% of ARK Investment Management LLC's investment portfolio, making the stock its 7th largest holding. ARK Investment Management LLC owned about 0.34% of Shopify worth $424,335,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Allianz SE purchased a new position in Shopify during the 4th quarter worth $27,000. Fourth Dimension Wealth LLC purchased a new stake in Shopify in the fourth quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in Shopify in the fourth quarter worth about $46,000. FWL Investment Management LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $56,000. Finally, Clean Yield Group grew its stake in shares of Shopify by 59.9% during the first quarter. Clean Yield Group now owns 582 shares of the software maker's stock worth $56,000 after acquiring an additional 218 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 1.9%

SHOP stock opened at $124.43 on Friday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The firm has a 50-day simple moving average of $112.05 and a 200-day simple moving average of $105.92. The stock has a market capitalization of $161.43 billion, a P/E ratio of 80.28, a P/E/G ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Atb Cap Markets raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Wedbush reaffirmed an "outperform" rating and issued a $110.00 price target on shares of Shopify in a report on Tuesday, April 15th. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. KeyCorp boosted their price objective on shares of Shopify from $115.00 to $145.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, Arete Research upgraded Shopify to a "hold" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $119.16.

About Shopify

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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