D.A. Davidson & CO. Sells 1,406 Shares of Shopify Inc. (NYSE:SHOP)

D.A. Davidson & CO. cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,078 shares of the software maker’s stock after selling 1,406 shares during the quarter. D.A. Davidson & CO.’s holdings in Shopify were worth $4,680,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SHOP. Norges Bank acquired a new stake in Shopify in the fourth quarter worth $1,049,089,000. Artisan Partners Limited Partnership lifted its holdings in Shopify by 78.4% during the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after acquiring an additional 2,113,773 shares in the last quarter. Baillie Gifford & Co. grew its stake in Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after acquiring an additional 1,419,749 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Shopify in the third quarter worth about $68,746,000. Finally, International Assets Investment Management LLC raised its position in shares of Shopify by 6,637.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,188,598 shares of the software maker’s stock worth $92,592,000 after purchasing an additional 1,170,956 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SHOP. TD Securities decreased their price objective on Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research report on Thursday, May 9th. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research note on Tuesday, May 7th. Citigroup dropped their price target on Shopify from $105.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Morgan Stanley upgraded Shopify from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $74.00 to $85.00 in a report on Friday, April 19th. Finally, Mizuho lowered their price objective on shares of Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.06.

Shopify Price Performance

Shares of NYSE SHOP opened at $58.72 on Thursday. The firm has a market capitalization of $75.67 billion, a P/E ratio of -345.41, a P/E/G ratio of 2.61 and a beta of 2.20. The firm’s 50-day moving average price is $71.09 and its 200-day moving average price is $74.26. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify Profile

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.