Oppenheimer Asset Management Inc. Sells 62,932 Shares of Shopify Inc. $SHOP

Oppenheimer Asset Management Inc. cut its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 15.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 337,457 shares of the software maker’s stock after selling 62,932 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Shopify were worth $50,149,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SHOP. Financial Gravity Companies Inc. bought a new stake in Shopify during the second quarter worth about $27,000. Rothschild Investment LLC increased its holdings in Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares during the period. Heartwood Wealth Advisors LLC acquired a new position in shares of Shopify in the 3rd quarter valued at approximately $27,000. Tradewinds Capital Management LLC lifted its holdings in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares during the period. Finally, Estabrook Capital Management bought a new stake in shares of Shopify during the 2nd quarter worth approximately $29,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Raymond James Financial restated a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. KeyCorp lifted their price target on Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. BMO Capital Markets boosted their price target on Shopify from $180.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, November 5th. Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a research note on Thursday, December 4th. Finally, Zacks Research downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Twenty-five equities research analysts have rated the stock with a Buy rating and eighteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $171.70.

Shopify Stock Up 0.7%

Shares of SHOP stock opened at $112.05 on Monday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The stock’s fifty day simple moving average is $154.35 and its 200 day simple moving average is $151.25. The firm has a market capitalization of $145.87 billion, a P/E ratio of 83.00, a P/E/G ratio of 3.30 and a beta of 2.83.

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.