Envestnet Asset Management Inc. Cuts Stake in Shopify Inc. (NYSE:SHOP)

Envestnet Asset Management Inc. lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.0% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,063,433 shares of the software maker’s stock after selling 21,024 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Shopify were worth $219,405,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. IHT Wealth Management LLC lifted its position in shares of Shopify by 13.6% during the 3rd quarter. IHT Wealth Management LLC now owns 8,472 shares of the software maker’s stock valued at $678,000 after buying an additional 1,011 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in Shopify by 47.0% during the third quarter. Quantinno Capital Management LP now owns 38,951 shares of the software maker’s stock valued at $3,122,000 after purchasing an additional 12,455 shares during the last quarter. EP Wealth Advisors LLC boosted its position in Shopify by 26.3% during the third quarter. EP Wealth Advisors LLC now owns 12,496 shares of the software maker’s stock worth $1,001,000 after purchasing an additional 2,602 shares during the period. Zacks Investment Management purchased a new position in shares of Shopify in the third quarter worth about $241,000. Finally, Orion Portfolio Solutions LLC boosted its holdings in Shopify by 18.2% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 101,691 shares of the software maker’s stock worth $8,149,000 after buying an additional 15,623 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 6.6 %

Shares of SHOP stock opened at $76.89 on Monday. The stock has a market cap of $99.56 billion, a price-to-earnings ratio of 49.61, a PEG ratio of 4.82 and a beta of 2.81. The business’s fifty day moving average is $108.67 and its 200 day moving average is $101.59. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the topic of several recent research reports. Robert W. Baird increased their target price on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. DA Davidson increased their price objective on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. CIBC lifted their target price on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Royal Bank of Canada set a $145.00 price target on shares of Shopify and gave the stock an “outperform” rating in a report on Friday, March 21st. Finally, Truist Financial increased their price objective on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $126.31.

About Shopify

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.