ARK Investment Management LLC Has $468.22 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

ARK Investment Management LLC lessened its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 13.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,010,496 shares of the software maker's stock after selling 944,654 shares during the period. Shopify makes up about 2.8% of ARK Investment Management LLC's portfolio, making the stock its 11th biggest holding. ARK Investment Management LLC owned about 0.47% of Shopify worth $468,218,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. PFG Investments LLC acquired a new position in shares of Shopify in the fourth quarter valued at about $208,000. Schechter Investment Advisors LLC purchased a new position in shares of Shopify during the fourth quarter worth $273,000. Twin Peaks Wealth Advisors LLC acquired a new position in Shopify during the fourth quarter valued at $363,000. Fiduciary Alliance LLC purchased a new stake in Shopify in the fourth quarter valued at $223,000. Finally, Kingswood Wealth Advisors LLC acquired a new stake in Shopify during the 4th quarter worth about $330,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Down 1.9 %

Shares of NYSE:SHOP traded down $1.46 during trading on Thursday, hitting $77.16. 4,256,881 shares of the company were exchanged, compared to its average volume of 9,806,782. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The firm's 50 day moving average price is $79.33 and its 200-day moving average price is $70.04. The stock has a market capitalization of $99.27 billion, a P/E ratio of 857.43 and a beta of 2.22. Shopify Inc. has a 12-month low of $43.50 and a 12-month high of $91.57.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. On average, research analysts predict that Shopify Inc. will post 0.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SHOP shares. Roth Capital upped their target price on Shopify from $85.00 to $89.00 and gave the stock a "buy" rating in a research note on Wednesday, February 14th. Mizuho raised their price objective on shares of Shopify from $65.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 14th. Canaccord Genuity Group boosted their target price on shares of Shopify from $70.00 to $86.00 and gave the company a "buy" rating in a research note on Wednesday, December 6th. TD Securities raised their price target on shares of Shopify from $65.00 to $80.00 and gave the company a "hold" rating in a research report on Wednesday, December 6th. Finally, Citigroup decreased their price objective on shares of Shopify from $96.00 to $93.00 and set a "neutral" rating for the company in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $76.42.

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.