Shopify Inc. $SHOP Shares Sold by Ashe Capital Management LP

Ashe Capital Management LP lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,647,738 shares of the software maker’s stock after selling 102,502 shares during the quarter. Shopify accounts for approximately 24.5% of Ashe Capital Management LP’s portfolio, making the stock its largest position. Ashe Capital Management LP owned about 0.13% of Shopify worth $195,455,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in Shopify in the 4th quarter valued at about $2,611,797,000. Sands Capital Management LLC lifted its holdings in shares of Shopify by 37.0% in the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock valued at $1,530,187,000 after purchasing an additional 2,568,765 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Shopify by 9.8% in the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after purchasing an additional 1,252,074 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock valued at $184,883,000 after buying an additional 1,132,545 shares during the last quarter. Finally, Select Equity Group L.P. boosted its position in shares of Shopify by 92.5% during the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after buying an additional 1,079,494 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Up 1.6%

Shares of SHOP opened at $113.75 on Friday. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19. The company has a market cap of $147.61 billion, a PE ratio of 112.62, a price-to-earnings-growth ratio of 2.45 and a beta of 2.58. The stock has a 50-day moving average price of $114.39 and a 200-day moving average price of $122.13.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. UBS Group reaffirmed a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Rothschild & Co Redburn set a $130.00 price target on shares of Shopify and gave the company a “neutral” rating in a research report on Tuesday. Finally, Barclays set a $126.00 price target on Shopify and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $157.69.

Key Shopify News

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Citigroup lowered its price target on Shopify to $150 from $156 but kept a Buy rating, implying meaningful upside from current levels. Benzinga
• Positive Sentiment: Several analyst-focused articles highlighted Shopify as a buy and pointed to roughly 28% upside based on consensus price targets, which can support sentiment around the stock. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Growth-oriented coverage continued to argue that Shopify’s strong fundamentals and growth profile could make it attractive for long-term investors. 3 Reasons Why Growth Investors Shouldn’t Overlook Shopify (SHOP)
• Neutral Sentiment: Reports about Shopify merchants processing record GMV and the broader merchant ecosystem underscore platform momentum, but they were more of an industry/operating backdrop than a direct stock-moving announcement. DSCP Smart Fulfillment Addresses Critical Gap as Shopify Merchants Process Record $378 Billion in Annual Sales
• Negative Sentiment: Rothschild & Co Redburn cut Shopify to Hold, a downgrade that likely pressured the shares and signaled more caution on the stock’s near-term upside. Shopify (NASDAQ:SHOP) Cut to “Hold” at Rothschild & Co Redburn

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.