Vestmark Advisory Solutions Inc. Sells 109,793 Shares of Shopify Inc. $SHOP

Vestmark Advisory Solutions Inc. trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 45.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 132,672 shares of the software maker’s stock after selling 109,793 shares during the period. Vestmark Advisory Solutions Inc.’s holdings in Shopify were worth $19,716,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Sigma Planning Corp raised its stake in shares of Shopify by 77.6% in the third quarter. Sigma Planning Corp now owns 30,811 shares of the software maker’s stock worth $4,579,000 after purchasing an additional 13,461 shares during the last quarter. Gardner Lewis Asset Management L P raised its position in Shopify by 8.1% in the 3rd quarter. Gardner Lewis Asset Management L P now owns 6,045 shares of the software maker’s stock worth $898,000 after buying an additional 455 shares during the last quarter. Telemark Asset Management LLC raised its position in Shopify by 30.0% in the 3rd quarter. Telemark Asset Management LLC now owns 130,000 shares of the software maker’s stock worth $19,319,000 after buying an additional 30,000 shares during the last quarter. Premier Fund Managers Ltd lifted its stake in Shopify by 57.9% during the 3rd quarter. Premier Fund Managers Ltd now owns 63,146 shares of the software maker’s stock valued at $9,413,000 after acquiring an additional 23,146 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ boosted its holdings in shares of Shopify by 5.6% during the 3rd quarter. Lansforsakringar Fondforvaltning AB publ now owns 275,709 shares of the software maker’s stock valued at $40,970,000 after acquiring an additional 14,686 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SHOP. Canaccord Genuity Group set a $165.00 price objective on shares of Shopify and gave the company a “buy” rating in a report on Thursday, February 12th. BNP Paribas Exane initiated coverage on Shopify in a report on Monday, November 24th. They set a “neutral” rating on the stock. Arete Research set a $175.00 price objective on Shopify in a report on Monday, February 2nd. Moffett Nathanson upgraded Shopify from a “neutral” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Monday, February 9th. Finally, Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a report on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $162.64.

Shopify Stock Performance

NASDAQ SHOP opened at $126.20 on Friday. The company has a market capitalization of $164.29 billion, a PE ratio of 135.70, a price-to-earnings-growth ratio of 4.60 and a beta of 2.83. The business’s fifty day moving average is $145.96 and its 200 day moving average is $150.69. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19.

Shopify Company 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.