Amova Asset Management Americas Inc. Sells 1,045,405 Shares of Shopify Inc. $SHOP

Amova Asset Management Americas Inc. trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 20.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,968,593 shares of the software maker’s stock after selling 1,045,405 shares during the quarter. Shopify accounts for approximately 5.7% of Amova Asset Management Americas Inc.’s portfolio, making the stock its 2nd biggest position. Amova Asset Management Americas Inc. owned about 0.31% of Shopify worth $589,693,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Knights of Columbus Asset Advisors LLC acquired a new stake in shares of Shopify in the third quarter valued at $4,110,000. Principal Financial Group Inc. boosted its holdings in Shopify by 16.3% during the 3rd quarter. Principal Financial Group Inc. now owns 450,895 shares of the software maker’s stock valued at $67,006,000 after acquiring an additional 63,300 shares during the period. Triton Financial Group Inc acquired a new position in Shopify in the 3rd quarter valued at about $1,931,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Shopify by 65.5% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock worth $23,557,000 after purchasing an additional 62,743 shares during the period. Finally, TriaGen Wealth Management LLC acquired a new stake in shares of Shopify during the third quarter worth about $2,562,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of SHOP opened at $129.65 on Thursday. The firm has a fifty day moving average price of $138.80 and a 200 day moving average price of $149.18. The stock has a market cap of $168.78 billion, a PE ratio of 139.41, a price-to-earnings-growth ratio of 4.44 and a beta of 2.83. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. TD Securities upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective for the company in a report on Thursday, February 12th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $175.00 price target on shares of Shopify in a research note on Thursday, February 12th. Phillip Securities upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. JPMorgan Chase & Co. boosted their target price on Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Finally, Citigroup reaffirmed a “buy” rating and issued a $172.00 price target (down from $195.00) on shares of Shopify in a research report on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.