Shopify Inc. (NYSE:SHOP) Shares Sold by Zevenbergen Capital Investments LLC

Zevenbergen Capital Investments LLC reduced its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 2,621,862 shares of the software maker’s stock after selling 174,304 shares during the period. Shopify accounts for 5.7% of Zevenbergen Capital Investments LLC’s investment portfolio, making the stock its 3rd biggest position. Zevenbergen Capital Investments LLC’s holdings in Shopify were worth $278,783,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Prudential Financial Inc. grew its position in Shopify by 112.7% during the fourth quarter. Prudential Financial Inc. now owns 36,322 shares of the software maker’s stock valued at $3,864,000 after purchasing an additional 19,242 shares in the last quarter. Sheets Smith Investment Management purchased a new position in shares of Shopify during the 4th quarter valued at $1,081,000. Congress Wealth Management LLC DE acquired a new position in shares of Shopify in the fourth quarter worth $13,448,000. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock worth $5,010,721,000 after acquiring an additional 781,162 shares in the last quarter. Finally, Optimum Investment Advisors boosted its position in Shopify by 14.8% during the fourth quarter. Optimum Investment Advisors now owns 4,547 shares of the software maker’s stock valued at $483,000 after purchasing an additional 587 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Moffett Nathanson upped their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Royal Bank of Canada set a $145.00 price objective on shares of Shopify and gave the company an “outperform” rating in a research report on Friday. Oppenheimer boosted their target price on shares of Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group increased their price target on shares of Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. Finally, Evercore ISI lifted their price objective on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

NYSE:SHOP opened at $104.29 on Monday. The company has a 50-day moving average of $110.04 and a 200-day moving average of $99.73. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market capitalization of $135.04 billion, a price-to-earnings ratio of 67.29, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Sell-side analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

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.