Shopify Inc. (NYSE:SHOP) Shares Acquired by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 31.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 47,356 shares of the software maker’s stock after acquiring an additional 11,232 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Shopify were worth $5,035,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SHOP. Empowered Funds LLC grew its stake in shares of Shopify by 5.7% in the third quarter. Empowered Funds LLC now owns 22,446 shares of the software maker’s stock valued at $1,799,000 after buying an additional 1,211 shares in the last quarter. Claro Advisors LLC acquired a new position in Shopify in the 3rd quarter valued at about $456,000. Thrivent Financial for Lutherans increased its stake in Shopify by 100.6% during the third quarter. Thrivent Financial for Lutherans now owns 88,409 shares of the software maker’s stock worth $7,086,000 after purchasing an additional 44,345 shares during the period. Pathstone Holdings LLC lifted its position in shares of Shopify by 3.8% during the third quarter. Pathstone Holdings LLC now owns 68,800 shares of the software maker’s stock worth $5,514,000 after purchasing an additional 2,487 shares in the last quarter. Finally, Prospera Financial Services Inc boosted its stake in shares of Shopify by 1.7% in the third quarter. Prospera Financial Services Inc now owns 20,991 shares of the software maker’s stock valued at $1,682,000 after purchasing an additional 349 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SHOP shares. Citigroup upped their target price on shares of Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. Morgan Stanley upped their price objective on Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. ATB Capital lifted their target price on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a report on Thursday, November 21st. Finally, DA Davidson lifted their price objective on Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Down 2.8 %

Shares of SHOP stock opened at $93.90 on Wednesday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock’s 50-day moving average price is $110.27 and its 200 day moving average price is $99.08. The stock has a market capitalization of $121.58 billion, a PE ratio of 60.58, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. Analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.