Shopify Inc. $SHOP Stock Holdings Lessened by Amova Asset Management Americas Inc.

Amova Asset Management Americas Inc. cut its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 20.8% in the 3rd quarter, Holdings Channel reports. The fund owned 3,968,593 shares of the software maker’s stock after selling 1,045,405 shares during the quarter. Shopify accounts for approximately 5.7% of Amova Asset Management Americas Inc.’s portfolio, making the stock its 2nd biggest position. Amova Asset Management Americas Inc.’s holdings in Shopify were worth $589,693,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cambria Investment Management L.P. purchased a new stake in shares of Shopify during the third quarter worth approximately $375,000. Dimensional Fund Advisors LP increased its stake in Shopify by 28.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 732,669 shares of the software maker’s stock valued at $108,883,000 after buying an additional 160,230 shares during the period. Montag A & Associates Inc. raised its position in Shopify by 1.4% during the 3rd quarter. Montag A & Associates Inc. now owns 17,344 shares of the software maker’s stock worth $2,578,000 after buying an additional 239 shares during the last quarter. Cresset Asset Management LLC raised its position in Shopify by 2.9% during the 3rd quarter. Cresset Asset Management LLC now owns 134,163 shares of the software maker’s stock worth $19,938,000 after buying an additional 3,809 shares during the last quarter. Finally, NZS Capital LLC lifted its stake in shares of Shopify by 3.7% in the 3rd quarter. NZS Capital LLC now owns 631,397 shares of the software maker’s stock worth $93,832,000 after acquiring an additional 22,720 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

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

Analysts Set New Price Targets

SHOP has been the topic of a number of recent analyst reports. Citigroup reiterated a “buy” rating and set a $172.00 price target (down from $195.00) on shares of Shopify in a research note on Friday, February 13th. Benchmark dropped their target price on Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Royal Bank Of Canada set a $170.00 target price on Shopify and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Zacks Research cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, Truist Financial set a $150.00 price objective on Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $162.64.

Shopify Profile

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.