Artisan Partners Limited Partnership Sells 460,369 Shares of Shopify Inc. $SHOP

Artisan Partners Limited Partnership lowered its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,881,474 shares of the software maker’s stock after selling 460,369 shares during the period. Shopify accounts for approximately 1.5% of Artisan Partners Limited Partnership’s holdings, making the stock its 18th biggest holding. Artisan Partners Limited Partnership owned 0.53% of Shopify worth $1,022,656,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Heartwood Wealth Advisors LLC purchased a new stake in shares of Shopify in the 3rd quarter worth about $27,000. Rothschild Investment LLC raised its stake in Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares in the last quarter. Financial Gravity Companies Inc. purchased a new stake in Shopify in the second quarter worth about $27,000. Estabrook Capital Management purchased a new stake in Shopify in the second quarter worth about $29,000. Finally, Cornerstone Planning Group LLC boosted its position in Shopify by 104.9% during the 3rd quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock valued at $37,000 after acquiring an additional 128 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

SHOP stock opened at $125.93 on Friday. The stock has a market capitalization of $163.94 billion, a P/E ratio of 135.41, a P/E/G ratio of 4.38 and a beta of 2.83. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The business has a fifty day moving average price of $142.53 and a 200-day moving average price of $149.82.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Jefferies Financial Group set a $125.00 target price on Shopify and gave the stock a “hold” rating in a research report on Monday, February 16th. Canaccord Genuity Group set a $165.00 price objective on Shopify and gave the stock a “buy” rating in a report on Thursday, February 12th. BMO Capital Markets set a $160.00 target price on shares of Shopify in a report on Thursday, February 12th. Moffett Nathanson raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price on the stock in a research report on Monday, February 9th. Finally, TD Cowen raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a research report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $162.64.

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.