Zevenbergen Capital Investments LLC Cuts Stake in Shopify Inc. $SHOP

Key Points

• Zevenbergen Capital Investments reduced its Shopify stake by 10.1% in the third quarter, selling 119,795 shares and retaining 1.06 million shares worth approximately $157.8 million. Shopify remains the firm’s seventh-largest holding and represents 3.6% of its portfolio.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share, exceeding analysts’ $0.40 estimate. Institutional investors collectively own 69.27% of the company.
• Analysts maintain a broadly bullish view, with Shopify carrying a consensus “Moderate Buy” rating and an average price target of $172.39; shares recently traded at $164.56.

Zevenbergen Capital Investments LLC reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,064,021 shares of the software maker's stock after selling 119,795 shares during the period. Shopify accounts for approximately 3.6% of Zevenbergen Capital Investments LLC's portfolio, making the stock its 7th biggest holding. Zevenbergen Capital Investments LLC owned 0.08% of Shopify worth $157,794,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in SHOP. Tsfg LLC raised its stake in shares of Shopify by 4.0% in the 2nd quarter. Tsfg LLC now owns 2,028 shares of the software maker's stock valued at $232,000 after acquiring an additional 78 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Shopify by 5.0% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 1,751 shares of the software maker's stock worth $260,000 after purchasing an additional 83 shares during the period. Parr Mcknight Wealth Management Group LLC grew its holdings in Shopify by 3.1% during the first quarter. Parr Mcknight Wealth Management Group LLC now owns 2,762 shares of the software maker's stock valued at $328,000 after purchasing an additional 84 shares during the last quarter. Caerus Investment Advisors LLC grew its holdings in Shopify by 5.6% during the first quarter. Caerus Investment Advisors LLC now owns 1,688 shares of the software maker's stock valued at $200,000 after purchasing an additional 90 shares during the last quarter. Finally, Confluence Investment Management LLC raised its position in shares of Shopify by 1.0% in the third quarter. Confluence Investment Management LLC now owns 8,904 shares of the software maker's stock valued at $1,320,000 after purchasing an additional 90 shares during the period. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

SHOP stock traded down $1.47 on Thursday, reaching $164.56. 7,220,815 shares of the company were exchanged, compared to its average volume of 10,384,209. The firm has a market capitalization of $211.73 billion, a PE ratio of 111.19, a PEG ratio of 3.40 and a beta of 2.62. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The stock's fifty day moving average price is $144.30 and its 200 day moving average price is $125.88. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. The firm had revenue of $3.58 billion during the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. Shopify's revenue for the quarter was up 33.7% on a year-over-year basis. During the same period last year, the company earned $0.69 earnings per share. On average, research analysts anticipate that Shopify Inc. will post 1.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Benchmark boosted their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Wells Fargo & Company reiterated an "overweight" rating and issued a $180.00 target price (up from $144.00) on shares of Shopify in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Shopify from $175.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Morgan Stanley cut shares of Shopify from an "overweight" rating to a "buy" rating in a report on Monday, July 13th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $176.00 price target on shares of Shopify in a research report on Wednesday, September 23rd. Two analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $172.39.

Shopify Company Profile

Shopify Inc is a commerce technology company that provides tools for businesses to start, operate and grow online and in physical retail environments. Its platform enables merchants to create and manage online stores, sell through multiple channels, process orders and payments, manage inventory and engage with customers.

Shopify's products and services include its core commerce platform, Shopify Plus for larger businesses, Shopify Payments, Shop Pay, point-of-sale solutions and tools for marketing, shipping, analytics and customer management.

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