Ameriprise Financial Inc. Reduces Holdings in Shopify Inc. $SHOP

Ameriprise Financial Inc. lessened its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 20.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,202,211 shares of the software maker’s stock after selling 551,688 shares during the quarter. Ameriprise Financial Inc. owned about 0.17% of Shopify worth $328,785,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Heartwood Wealth Advisors LLC purchased a new position in shares of Shopify during the 3rd quarter worth $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 purchasing an additional 75 shares during the last quarter. Financial Gravity Companies Inc. acquired a new stake in Shopify in the 2nd quarter valued at approximately $27,000. Caitlin John LLC purchased a new stake in Shopify in the third quarter valued at approximately $36,000. Finally, Estabrook Capital Management purchased a new stake in Shopify in the second quarter valued at approximately $29,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on SHOP. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $175.00 price target on shares of Shopify in a research report on Thursday, February 12th. BNP Paribas Exane initiated coverage on Shopify in a report on Monday, November 24th. They issued a “neutral” rating on the stock. UBS Group decreased their target price on Shopify from $165.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, February 12th. TD Cowen upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a report on Wednesday, February 11th. Finally, Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $163.38.

Shopify Stock Up 2.9%

Shares of NASDAQ:SHOP opened at $126.58 on Tuesday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The firm’s 50 day moving average price is $133.12 and its 200 day moving average price is $148.62. The stock has a market cap of $165.07 billion, a price-to-earnings ratio of 136.11, a price-to-earnings-growth ratio of 4.41 and a beta of 2.83.

Shopify 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.