Zevenbergen Capital Investments LLC Sells 209,023 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Zevenbergen Capital Investments LLC sold 209,023 shares of Shopify Inc., reducing its stake by 8% and holding approximately 2.41 million shares after the sale.
• Institutional investors own about 69.27% of Shopify's stock, with several firms like LRI Investments and Avidian Wealth Enterprises recently increasing their holdings.
• Equities analysts have raised price targets for Shopify, with estimates ranging from $91.00 to $180.00, reflecting a generally positive outlook on the stock.

Zevenbergen Capital Investments LLC trimmed its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 8.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,412,839 shares of the software maker's stock after selling 209,023 shares during the quarter. Shopify comprises 5.6% of Zevenbergen Capital Investments LLC's portfolio, making the stock its 5th largest holding. Zevenbergen Capital Investments LLC owned about 0.19% of Shopify worth $230,378,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. LRI Investments LLC increased 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 valued at $94,000 after purchasing an additional 79 shares during the period. Fullcircle Wealth LLC boosted its stake in Shopify by 2.7% during the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after purchasing an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC boosted its stake in Shopify by 3.4% during the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after purchasing an additional 116 shares in the last quarter. Pinnacle Financial Partners Inc boosted its stake in Shopify by 4.0% during the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after purchasing an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC boosted its stake in Shopify by 4.0% during the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after purchasing an additional 131 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SHOP shares. Scotiabank reaffirmed a "sector perform" rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research note on Thursday. Needham & Company LLC started coverage on Shopify in a research note on Monday, July 14th. They set a "buy" rating and a $135.00 price target for the company. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $91.00 price target on shares of Shopify in a research note on Wednesday, June 11th. Oppenheimer increased their price target on Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, Evercore ISI raised their price objective on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $149.61 on Friday. The company has a market cap of $194.10 billion, a P/E ratio of 96.52, a P/E/G ratio of 4.82 and a beta of 2.63. The stock's 50-day moving average is $117.50 and its 200-day moving average is $107.86. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85.

Shopify Profile

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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