Oppenheimer Asset Management Inc. Sells 62,932 Shares of Shopify Inc. $SHOP

Oppenheimer Asset Management Inc. reduced its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 15.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 337,457 shares of the software maker’s stock after selling 62,932 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Shopify were worth $50,149,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Shopify during the 2nd quarter worth $1,794,952,000. Jennison Associates LLC increased its stake in shares of Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after buying an additional 7,403,821 shares during the period. Brown Advisory Inc. raised its position in shares of Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after acquiring an additional 2,027,839 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after acquiring an additional 1,781,530 shares during the period. Finally, Picton Mahoney Asset Management boosted its holdings in Shopify by 246,359.0% in the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after acquiring an additional 1,759,003 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP stock opened at $112.05 on Monday. The business has a 50-day simple moving average of $154.35 and a two-hundred day simple moving average of $151.25. The company has a market capitalization of $145.87 billion, a P/E ratio of 83.00, a price-to-earnings-growth ratio of 3.30 and a beta of 2.83. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19.

Analyst Ratings Changes

Several research firms have issued reports on SHOP. KeyCorp raised their price target on shares of Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. Citigroup restated a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Barclays set a $140.00 price objective on Shopify and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $198.00 target price (up previously from $125.00) on shares of Shopify in a research note on Wednesday, December 17th. Finally, Scotiabank upgraded Shopify from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $165.00 to $200.00 in a report on Thursday, January 8th. Twenty-five research analysts have rated the stock with a Buy rating and eighteen have issued a Hold rating to the company. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $171.70.

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.