Envestnet Portfolio Solutions Inc. Has $5.62 Million Stake in Shopify Inc. $SHOP

Envestnet Portfolio Solutions Inc. trimmed its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.4% during the third quarter, HoldingsChannel.com reports. The fund owned 37,799 shares of the software maker’s stock after selling 4,395 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Shopify were worth $5,617,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Financial Gravity Companies Inc. acquired a new stake in shares of Shopify during the 2nd quarter worth about $27,000. Rothschild Investment LLC boosted its position in Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC bought a new stake in Shopify during the third quarter worth about $27,000. Tradewinds Capital Management LLC grew its stake in Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after buying an additional 100 shares during the last quarter. Finally, Coastline Trust Co acquired a new stake in shares of Shopify during the second quarter worth approximately $29,000. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on SHOP. Stifel Nicolaus set a $175.00 target price on Shopify in a report on Tuesday, November 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Barclays set a $140.00 price objective on Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Zacks Research lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, BNP Paribas Exane began coverage on Shopify in a report on Monday, November 24th. They issued a “neutral” rating for the company. Twenty-four research analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $171.61.

Shopify Stock Up 0.2%

SHOP stock opened at $137.89 on Friday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The company has a market cap of $179.51 billion, a P/E ratio of 102.14, a PEG ratio of 4.08 and a beta of 2.83. The business has a fifty day moving average of $159.00 and a 200-day moving average of $150.51.

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

About Shopify

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.