ProShare Advisors LLC Sells 336,589 Shares of Shopify Inc. $SHOP

ProShare Advisors LLC trimmed its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 20.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,322,439 shares of the software maker’s stock after selling 336,589 shares during the quarter. ProShare Advisors LLC’s holdings in Shopify were worth $196,528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Proactive Wealth Strategies LLC bought a new stake in Shopify in the third quarter valued at approximately $201,000. Oppenheimer & Co. Inc. boosted its stake in shares of Shopify by 3.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 40,247 shares of the software maker’s stock valued at $5,981,000 after purchasing an additional 1,322 shares during the last quarter. Western Wealth Management LLC increased its position in shares of Shopify by 29.2% during the third quarter. Western Wealth Management LLC now owns 2,738 shares of the software maker’s stock worth $407,000 after buying an additional 619 shares during the period. Roman Butler Fullerton & Co. increased its position in shares of Shopify by 90.3% during the third quarter. Roman Butler Fullerton & Co. now owns 4,785 shares of the software maker’s stock worth $711,000 after buying an additional 2,271 shares during the period. Finally, SPC Financial Inc. bought a new position in Shopify during the third quarter worth $280,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

SHOP stock opened at $112.05 on Monday. The stock’s 50 day simple moving average is $154.35 and its 200 day simple moving average is $151.25. The company has a market cap of $145.87 billion, a P/E ratio of 83.00, a price-to-earnings-growth ratio of 3.30 and a beta of 2.83. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SHOP. TD Securities raised shares of Shopify to a “hold” rating in a research report on Thursday, December 4th. JPMorgan Chase & Co. boosted their price objective on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. DZ Bank upgraded Shopify from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Benchmark reaffirmed a “buy” rating on shares of Shopify in a research note on Wednesday, December 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $192.00 target price (up from $165.00) on shares of Shopify in a report on Wednesday, November 5th. Twenty-five investment analysts have rated the stock with a Buy rating and eighteen have issued a Hold rating to the company. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $171.70.

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.