Shopify Inc. $SHOP Stock Holdings Decreased by WCM Investment Management LLC

Key Points

• WCM Investment Management LLC trimmed its Shopify stake by 0.3% in Q1, selling 18,156 shares and leaving it with 6,682,523 shares valued at about $746.9 million.
• Institutional ownership remains very high, with 69.27% of Shopify’s stock held by institutions. Several other investors increased their positions, including M&T Bank, Triasima Portfolio Management, and SG Americas Securities.
• Wall Street sentiment is still generally positive on Shopify, with a “Moderate Buy” consensus and an average price target of $157.58, though some analysts recently cut their targets.

WCM Investment Management LLC lowered its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 0.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,682,523 shares of the software maker's stock after selling 18,156 shares during the quarter. Shopify comprises 1.7% of WCM Investment Management LLC's portfolio, making the stock its 22nd largest position. WCM Investment Management LLC owned approximately 0.51% of Shopify worth $746,906,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. M&T Bank Corp grew its stake in Shopify by 37.1% during the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker's stock worth $13,051,000 after buying an additional 21,945 shares during the last quarter. Triasima Portfolio Management inc. lifted its stake in Shopify by 11.0% in the fourth quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker's stock valued at $29,398,000 after buying an additional 18,028 shares during the last quarter. Assetmark Inc. lifted its stake in Shopify by 6.7% in the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker's stock valued at $34,380,000 after buying an additional 13,415 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Shopify by 286.6% during the fourth quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker's stock valued at $81,889,000 after acquiring an additional 377,129 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted 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 valued at $84,689,000 after acquiring an additional 59,745 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of analyst reports. DA Davidson dropped their price objective on shares of Shopify from $195.00 to $140.00 and set a "buy" rating on the stock in a report on Wednesday, May 6th. Oppenheimer reissued an "outperform" rating and set a $175.00 target price on shares of Shopify in a research note on Wednesday, May 6th. Stifel Nicolaus set a $150.00 target price on shares of Shopify and gave the stock a "buy" rating in a research report on Thursday, July 9th. Citizens Jmp dropped their price target on shares of Shopify from $160.00 to $150.00 and set a "market outperform" rating on the stock in a research note on Wednesday, May 6th. Finally, Needham & Company LLC restated a "buy" rating and issued a $180.00 price target on shares of Shopify in a research note on Tuesday, May 5th. Three analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $157.58.

Shopify Stock Performance

Shares of SHOP opened at $123.56 on Monday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The stock's fifty day moving average is $112.47 and its 200-day moving average is $123.35. The firm has a market capitalization of $160.34 billion, a price-to-earnings ratio of 122.34, a price-to-earnings-growth ratio of 2.68 and a beta of 2.58.

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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