ARK Investment Management LLC Trims Stake in Shopify Inc. (NYSE:SHOP)

ARK Investment Management LLC reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 6,010,496 shares of the software maker’s stock after selling 944,654 shares during the period. Shopify accounts for about 2.8% of ARK Investment Management LLC’s holdings, making the stock its 11th biggest holding. ARK Investment Management LLC’s holdings in Shopify were worth $468,218,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. SJS Investment Consulting Inc. lifted its holdings in shares of Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after purchasing an additional 130 shares during the last quarter. PCA Investment Advisory Services Inc. acquired a new position in Shopify in the 2nd quarter valued at about $27,000. Activest Wealth Management acquired a new position in Shopify in the 3rd quarter valued at about $33,000. Baldwin Brothers LLC MA increased its position in Shopify by 49.0% in the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after acquiring an additional 147 shares during the period. Finally, Global Trust Asset Management LLC increased its position in Shopify by 350.0% in the 4th quarter. Global Trust Asset Management LLC now owns 450 shares of the software maker’s stock valued at $35,000 after acquiring an additional 350 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent research reports. National Bankshares boosted their price target on Shopify from $80.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Truist Financial boosted their price target on Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a research report on Monday, February 12th. Stifel Nicolaus boosted their price target on Shopify from $65.00 to $75.00 in a research report on Wednesday, December 6th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Shopify in a research report on Wednesday, February 14th. Finally, Roth Capital boosted their target price on Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $76.42.

Shopify Price Performance

SHOP stock opened at $78.62 on Thursday. Shopify Inc. has a 1 year low of $43.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The stock’s 50 day moving average price is $79.36 and its 200 day moving average price is $69.98. The firm has a market cap of $101.15 billion, a P/E ratio of 873.65 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. On average, sell-side analysts expect that Shopify Inc. will post 0.57 earnings per share for the current fiscal year.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.