DAVENPORT & Co LLC Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

DAVENPORT & Co LLC cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 25.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,694 shares of the software maker’s stock after selling 9,934 shares during the period. DAVENPORT & Co LLC’s holdings in Shopify were worth $3,157,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SHOP. Baillie Gifford & Co. increased its holdings in shares of Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. FMR LLC grew its holdings in Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after purchasing an additional 5,869,795 shares during the last quarter. National Bank of Canada FI grew its holdings in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Shopify by 52.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock valued at $308,390,000 after purchasing an additional 1,325,350 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Shopify by 7,928.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,141,915 shares of the software maker’s stock valued at $91,513,000 after purchasing an additional 1,127,692 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

SHOP opened at $119.31 on Wednesday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market cap of $154.16 billion, a price-to-earnings ratio of 111.50, a PEG ratio of 2.46 and a beta of 2.47. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $122.00. The firm’s fifty day simple moving average is $110.42 and its two-hundred day simple moving average is $89.33.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SHOP shares. Scotiabank upped their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Canaccord Genuity Group upped their target price on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler upped their target price on shares of Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $100.32.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.