Zevenbergen Capital Investments LLC Trims Stake in Shopify Inc. $SHOP

Zevenbergen Capital Investments LLC trimmed its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 11.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,051,940 shares of the software maker’s stock after selling 259,059 shares during the period. Shopify comprises 5.9% of Zevenbergen Capital Investments LLC’s investment portfolio, making the stock its 3rd largest position. Zevenbergen Capital Investments LLC owned 0.16% of Shopify worth $304,939,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Heartwood Wealth Advisors LLC purchased a new position in shares of Shopify during the third quarter worth approximately $27,000. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify during the 2nd quarter valued at $25,000. Rothschild Investment LLC raised its position in Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares during the period. Financial Gravity Companies Inc. purchased a new position in Shopify in the 2nd quarter worth $27,000. Finally, Tradewinds Capital Management LLC lifted its stake in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 1.7%

Shares of Shopify stock opened at $169.57 on Friday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The company has a market cap of $220.75 billion, a P/E ratio of 125.61, a PEG ratio of 6.20 and a beta of 2.82. The company’s fifty day simple moving average is $159.88 and its two-hundred day simple moving average is $141.56.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price objective on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Royal Bank Of Canada lifted their price target on Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Canaccord Genuity Group boosted their price objective on Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. CIBC restated an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Finally, Wedbush reiterated an “outperform” rating and set a $185.00 price target (up from $160.00) on shares of Shopify in a report on Tuesday, November 4th. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $168.69.

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.