Shopify Inc. $SHOP Holdings Reduced by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,937,210 shares of the software maker’s stock after selling 155,219 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Shopify were worth $287,889,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Twin Peaks Wealth Advisors LLC increased its position in Shopify by 1.7% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock valued at $512,000 after acquiring an additional 59 shares during the period. Accurate Wealth Management LLC boosted its position in Shopify by 2.0% during the 3rd quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock worth $526,000 after acquiring an additional 67 shares during the period. Rothschild Investment LLC grew its stake in shares of Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Sivia Capital Partners LLC grew its stake in shares of Shopify by 0.9% in the third quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock worth $1,228,000 after purchasing an additional 75 shares in the last quarter. Finally, Strategic Advisors LLC increased its holdings in shares of Shopify by 0.3% during the third quarter. Strategic Advisors LLC now owns 28,785 shares of the software maker’s stock valued at $4,278,000 after purchasing an additional 76 shares during the period. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SHOP. BNP Paribas Exane assumed coverage on shares of Shopify in a report on Monday, November 24th. They issued a “neutral” rating for the company. CIBC reissued an “outperform” rating on shares of Shopify in a research note on Wednesday, November 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a research note on Monday, December 29th. Barclays set a $140.00 price objective on shares of Shopify and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Finally, National Bankshares raised their price objective on shares of Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Twenty-five analysts have rated the stock with a Buy rating and nineteen have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $171.70.

Shopify Price Performance

Shares of SHOP opened at $114.02 on Thursday. The firm’s 50 day moving average is $156.24 and its 200-day moving average is $151.25. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a market capitalization of $148.44 billion, a P/E ratio of 84.46, a P/E/G ratio of 3.51 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.