Envestnet Portfolio Solutions Inc. Has $5.62 Million Holdings in Shopify Inc. $SHOP

Envestnet Portfolio Solutions Inc. lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,799 shares of the software maker’s stock after selling 4,395 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Shopify were worth $5,617,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Shopify by 4.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after buying an additional 218,829 shares during the last quarter. TriaGen Wealth Management LLC bought a new stake in shares of Shopify during the 3rd quarter worth about $2,562,000. Triasima Portfolio Management inc. increased its holdings in shares of Shopify by 22.4% during the 3rd quarter. Triasima Portfolio Management inc. now owns 164,310 shares of the software maker’s stock valued at $24,416,000 after acquiring an additional 30,061 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Shopify by 9.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock valued at $46,185,000 after acquiring an additional 35,113 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Cantor Fitzgerald reissued a “neutral” rating and set a $181.00 price objective (up previously from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. BNP Paribas Exane initiated coverage on Shopify in a report on Monday, November 24th. They issued a “neutral” rating on the stock. KeyCorp upped their price target on Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Needham & Company LLC restated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a research note on Wednesday, November 5th. Finally, Canaccord Genuity Group boosted their target price on shares of Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $171.61.

Shopify Price Performance

Shares of SHOP stock opened at $137.89 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The stock has a fifty day moving average price of $159.00 and a 200 day moving average price of $150.51. The stock has a market cap of $179.51 billion, a P/E ratio of 102.14, a price-to-earnings-growth ratio of 4.08 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for 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%. Equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

About Shopify

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.