Shopify Inc. $SHOP Shares Sold by CI Investments Inc.

Key Points

• CI Investments Inc. cut its Shopify position by 65.6% in the first quarter, selling 340,084 shares and leaving it with 178,051 shares worth about $21.1 million.
• Institutional ownership in Shopify remains high, with hedge funds and other institutions holding about 69.27% of the company’s stock, even as several funds adjusted their positions.
• Recent sentiment has been mixed: Shopify gained support from a DoorDash integration for U.S. merchants and a top-tier partner milestone for OneMagnify, but it also faced a buy-to-hold downgrade from Rothschild & Co Redburn and recent weakness versus the broader market.

CI Investments Inc. trimmed its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 65.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 178,051 shares of the software maker's stock after selling 340,084 shares during the period. CI Investments Inc.'s holdings in Shopify were worth $21,120,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SHOP. Brighton Jones LLC lifted its position in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. AQR Capital Management LLC raised its position in Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker's stock valued at $1,392,000 after buying an additional 7,544 shares during the period. Sivia Capital Partners LLC boosted its position in Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock worth $945,000 after acquiring an additional 506 shares during the period. Osterweis Capital Management Inc. purchased a new position in Shopify during the 2nd quarter valued at about $53,000. Finally, Main Street Financial Solutions LLC increased its holdings in shares of Shopify by 15.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker's stock valued at $1,284,000 after purchasing an additional 1,479 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

More Shopify News

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify’s ecosystem gained a credibility boost after OneMagnify said it reached Shopify Premier Partner status, a top-tier designation that highlights strong technical capability and enterprise commerce expertise. OneMagnify Achieves Shopify Premier Partner Status, Powering Measurable Growth for Global Commerce Brands
• Positive Sentiment: DoorDash announced a native integration for U.S. brick-and-mortar Shopify merchants, allowing them to sell through DoorDash with synced inventory and easier onboarding, which could expand Shopify merchants’ reach and support platform adoption. Shopify (SHOP) Gains A New DoorDash Link As Its Valuation Narrative Faces A Test
• Neutral Sentiment: Shopify was highlighted in several analyst and media pieces as a closely watched software name, with Morgan Stanley saying sentiment across software stocks has become too negative. That may support the broader valuation narrative, but it is not a direct catalyst on its own. Morgan Stanley Analysts Say Sentiment Has Gotten ‘Too Negative' on Software Stocks. These Are Their Picks
• Negative Sentiment: Rothschild & Co Redburn downgraded Shopify from buy to hold, which likely weighed on sentiment even though the new $130 price target still implies some upside from recent levels. Zacks.com downgrade coverage
• Negative Sentiment: Recent trading commentary also noted Shopify has been sinking while the broader market gained, reinforcing that investors are taking profits or reassessing the near-term valuation after a strong run. Shopify (SHOP) Stock Sinks As Market Gains: What You Should Know

Shopify Stock Down 3.7%

Shares of NASDAQ:SHOP opened at $118.42 on Thursday. The company has a market cap of $153.67 billion, a price-to-earnings ratio of 117.25, a PEG ratio of 2.67 and a beta of 2.58. The business has a 50 day moving average price of $113.83 and a 200 day moving average price of $122.51. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SHOP shares. UBS Group reaffirmed a "neutral" rating on shares of Shopify in a research report on Thursday, May 28th. Bank of America assumed coverage on shares of Shopify in a report on Tuesday, July 7th. They set a "buy" rating and a $150.00 price target on the stock. Citigroup downgraded shares of Shopify from a "market outperform" rating to a "neutral" rating in a research note on Friday, July 10th. Weiss Ratings cut Shopify from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, May 6th. Finally, Susquehanna initiated coverage on Shopify in a research note on Friday, July 10th. They issued a "neutral" rating on the stock. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and an average target price of $157.86.

Shopify Company Profile

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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