DAVENPORT & Co LLC Trims Holdings in Shopify Inc. $SHOP

DAVENPORT & Co LLC trimmed its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 25.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,835 shares of the software maker’s stock after selling 6,109 shares during the quarter. DAVENPORT & Co LLC’s holdings in Shopify were worth $2,871,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in Shopify in the 2nd quarter worth about $1,794,952,000. Jennison Associates LLC increased its position in shares of Shopify by 64.3% during the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares during the period. Brown Advisory Inc. increased its position in shares of Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after buying an additional 2,027,839 shares during the period. Foxhaven Asset Management LP purchased a new stake in shares of Shopify in the second quarter worth about $156,044,000. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Shopify by 72.5% in the second quarter. 1832 Asset Management L.P. now owns 3,108,563 shares of the software maker’s stock worth $358,573,000 after buying an additional 1,306,333 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. BMO Capital Markets set a $160.00 price objective on shares of Shopify in a research note on Thursday, February 12th. Citigroup reiterated a “buy” rating and issued a $172.00 target price (down from $195.00) on shares of Shopify in a research note on Friday, February 13th. Moffett Nathanson raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price target for the company in a report on Monday, February 9th. Raymond James Financial restated a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. Finally, Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 price target on the stock in a report on Thursday, February 12th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $163.38.

Shopify Price Performance

SHOP stock opened at $111.85 on Friday. The firm has a 50 day simple moving average of $125.10 and a two-hundred day simple moving average of $147.07. The stock has a market cap of $145.86 billion, a PE ratio of 120.27, a P/E/G ratio of 4.09 and a beta of 2.83. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19.

Shopify Company Profile

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.