Shopify Inc. $SHOP Stock Position Decreased by Congress Asset Management Co.

Congress Asset Management Co. trimmed its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 802,316 shares of the software maker’s stock after selling 15,871 shares during the quarter. Shopify makes up 0.9% of Congress Asset Management Co.’s holdings, making the stock its 28th largest holding. Congress Asset Management Co. owned about 0.06% of Shopify worth $129,149,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of SHOP. Heartwood Wealth Advisors LLC purchased a new position in Shopify in the 3rd quarter worth about $27,000. Estabrook Capital Management purchased a new stake in Shopify during the second quarter valued at about $29,000. JPL Wealth Management LLC acquired a new position in shares of Shopify in the third quarter worth about $32,000. Vestor Capital LLC acquired a new position in shares of Shopify in the second quarter worth about $34,000. Finally, Caitlin John LLC purchased a new position in shares of Shopify in the third quarter worth approximately $36,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SHOP. Cantor Fitzgerald restated a “neutral” rating and set a $126.00 price target (down from $181.00) on shares of Shopify in a report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Mizuho raised shares of Shopify from a “neutral” rating to an “outperform” rating and set a $150.00 target price on the stock in a research note on Thursday, February 12th. Wedbush reduced their target price on Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Finally, Evercore set a $135.00 target price on Shopify in a research report on Wednesday, February 11th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of $163.38.

Shopify Price Performance

Shares of SHOP stock opened at $121.10 on Tuesday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The stock’s 50-day moving average is $128.64 and its two-hundred day moving average is $147.95. The firm has a market cap of $157.93 billion, a P/E ratio of 130.22, a PEG ratio of 4.14 and a beta of 2.83.

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.