Envestnet Asset Management Inc. lessened its holdings in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 0.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 785,512 shares of the software maker’s stock after selling 253 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of Shopify worth $37,657,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Shopify during the 4th quarter worth $414,365,000. Marshall Wace LLP grew its stake in shares of Shopify by 5,493.8% during the 4th quarter. Marshall Wace LLP now owns 7,108,213 shares of the software maker’s stock worth $246,726,000 after acquiring an additional 6,981,141 shares during the period. Sands Capital Management LLC grew its stake in shares of Shopify by 9.8% during the 4th quarter. Sands Capital Management LLC now owns 24,802,735 shares of the software maker’s stock worth $860,903,000 after acquiring an additional 2,222,488 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Shopify by 22.0% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,425,860 shares of the software maker’s stock worth $356,026,000 after acquiring an additional 1,340,818 shares during the period. Finally, Alta Park Capital LP bought a new position in shares of Shopify during the 4th quarter worth $31,754,000. Institutional investors own 60.28% of the company’s stock.
Shopify Price Performance
SHOP opened at $56.31 on Tuesday. The stock’s 50 day simple moving average is $61.66 and its 200 day simple moving average is $54.76. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.71 and a quick ratio of 6.71. Shopify Inc. has a 1 year low of $23.63 and a 1 year high of $71.43. The firm has a market cap of $71.89 billion, a price-to-earnings ratio of -35.64 and a beta of 2.04.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on SHOP shares. Credit Suisse Group increased their price target on Shopify from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Friday, July 14th. Loop Capital cut their target price on Shopify from $69.00 to $62.00 and set a “hold” rating for the company in a research note on Monday, August 7th. The Goldman Sachs Group raised their target price on Shopify from $59.00 to $65.00 and gave the stock a “neutral” rating in a research note on Thursday, August 3rd. National Bankshares raised their target price on Shopify from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, May 5th. Finally, Piper Sandler raised their target price on Shopify from $50.00 to $58.00 and gave the stock a “neutral” rating in a research note on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $64.49.
Check Out Our Latest Report on Shopify
Shopify Company 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, 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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