Shopify Inc. $SHOP is ARK Investment Management LLC’s 7th Largest Position

ARK Investment Management LLC reduced its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.6% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 4,815,833 shares of the software maker’s stock after selling 233,675 shares during the period. Shopify accounts for approximately 4.3% of ARK Investment Management LLC’s portfolio, making the stock its 7th largest holding. ARK Investment Management LLC’s holdings in Shopify were worth $715,681,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Financial Gravity Companies Inc. bought a new stake in Shopify during the 2nd quarter valued at $27,000. Rothschild Investment LLC raised its stake in shares of Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares during the period. Heartwood Wealth Advisors LLC purchased a new stake in Shopify during the 3rd quarter worth about $27,000. Estabrook Capital Management bought a new position in Shopify in the 2nd quarter worth about $29,000. Finally, Vestor Capital LLC purchased a new position in Shopify during the 2nd quarter valued at about $34,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SHOP shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. Bank of America increased their price objective on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Jefferies Financial Group set a $125.00 price objective on Shopify and gave the company a “hold” rating in a research note on Monday, February 16th. UBS Group decreased their target price on Shopify from $165.00 to $145.00 and set a “neutral” rating on the stock in a research note on Thursday, February 12th. Finally, DZ Bank upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.64.

Shopify Trading Up 6.4%

Shares of NASDAQ:SHOP opened at $129.65 on Thursday. The stock has a market capitalization of $168.78 billion, a P/E ratio of 139.41, a price-to-earnings-growth ratio of 4.44 and a beta of 2.83. The stock’s 50-day moving average price is $138.80 and its 200-day moving average price is $149.18. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19.

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.