Allen Investment Management LLC Sells 125,852 Shares of Shopify Inc. $SHOP

Allen Investment Management LLC lowered its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 561,136 shares of the software maker’s stock after selling 125,852 shares during the quarter. Allen Investment Management LLC’s holdings in Shopify were worth $66,579,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its stake in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after purchasing an additional 584 shares during the last quarter. AQR Capital Management LLC increased its stake in Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares during the period. Sivia Capital Partners LLC increased its stake in Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after purchasing an additional 506 shares during the period. Osterweis Capital Management Inc. purchased a new position in Shopify in the 2nd quarter worth about $53,000. Finally, Main Street Financial Solutions LLC raised its stake in shares of Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after acquiring an additional 1,479 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shares of SHOP stock opened at $123.56 on Monday. The stock has a 50 day simple moving average of $112.47 and a 200-day simple moving average of $123.35. The company has a market cap of $160.34 billion, a price-to-earnings ratio of 122.34, a PEG ratio of 2.68 and a beta of 2.58. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SHOP shares. DA Davidson decreased their price objective on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Bank of America started coverage on Shopify in a report on Tuesday, July 7th. They set a “buy” rating and a $150.00 price objective for the company. Barclays set a $126.00 price objective on shares of Shopify and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Piper Sandler restated an “overweight” rating and issued a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Finally, Oppenheimer reissued an “outperform” rating and set a $175.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.58.

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.