DAVENPORT & Co LLC Lowers Stock Holdings in Shopify Inc. $SHOP

DAVENPORT & Co LLC lowered its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 25.5% in the 4th quarter, HoldingsChannel reports. The firm owned 17,835 shares of the software maker’s stock after selling 6,109 shares during the quarter. DAVENPORT & Co LLC’s holdings in Shopify were worth $2,871,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Shopify during the 2nd quarter valued at about $1,794,952,000. Jennison Associates LLC lifted its position in Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after buying an additional 7,403,821 shares during the last quarter. Brown Advisory Inc. boosted its stake in Shopify by 5,193.6% in the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares in the last quarter. Foxhaven Asset Management LP purchased a new stake in Shopify in the second quarter worth approximately $156,044,000. Finally, 1832 Asset Management L.P. grew its position in Shopify by 72.5% during the second quarter. 1832 Asset Management L.P. now owns 3,108,563 shares of the software maker’s stock valued at $358,573,000 after acquiring an additional 1,306,333 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SHOP shares. Benchmark decreased their price target on shares of Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the company a “buy” rating in a research note on Thursday, February 12th. TD Cowen raised shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a report on Wednesday, February 11th. Citigroup reiterated a “buy” rating and issued a $172.00 target price (down from $195.00) on shares of Shopify in a research report on Friday, February 13th. Finally, Arete Research set a $175.00 price target on shares of Shopify in a research note on Monday, February 2nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $163.38.

Shopify Stock Performance

Shares of SHOP stock opened at $111.85 on Friday. The company has a market capitalization of $145.86 billion, a P/E ratio of 120.27, a PEG ratio of 4.09 and a beta of 2.83. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The stock has a 50 day moving average price of $125.10 and a two-hundred day moving average price of $147.07.

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.