Artisan Partners Limited Partnership Decreases Stock Holdings in Shopify Inc. $SHOP

Artisan Partners Limited Partnership decreased its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.3% during the third quarter, Holdings Channel reports. The firm owned 6,881,474 shares of the software maker’s stock after selling 460,369 shares during the quarter. Shopify comprises about 1.5% of Artisan Partners Limited Partnership’s holdings, making the stock its 18th biggest position. Artisan Partners Limited Partnership’s holdings in Shopify were worth $1,022,656,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Shopify by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 49,926,824 shares of the software maker’s stock valued at $7,417,517,000 after buying an additional 610,129 shares during the last quarter. Jennison Associates LLC grew its holdings 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 worth $2,812,211,000 after acquiring an additional 7,403,821 shares during the period. Norges Bank bought a new stake in shares of Shopify in the second quarter worth $1,794,952,000. Loomis Sayles & Co. L P increased its position in Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock valued at $1,686,738,000 after acquiring an additional 191,824 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Shopify by 19.9% in the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after acquiring an additional 1,781,530 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock opened at $125.93 on Friday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The business has a 50 day simple moving average of $142.53 and a two-hundred day simple moving average of $149.82. The company has a market capitalization of $163.94 billion, a price-to-earnings ratio of 135.41, a PEG ratio of 4.38 and a beta of 2.83.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SHOP shares. TD Securities upgraded Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a research note on Thursday, February 12th. Evercore set a $135.00 target price on shares of Shopify in a research report on Wednesday, February 11th. Moffett Nathanson raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $150.00 target price for the company in a report on Monday, February 9th. Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $175.00 price objective on shares of Shopify in a research report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

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.