Zevenbergen Capital Investments LLC Has $269.58 Million Stock Position in Shopify Inc. $SHOP

Zevenbergen Capital Investments LLC decreased its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,674,737 shares of the software maker’s stock after selling 377,203 shares during the period. Shopify accounts for approximately 6.0% of Zevenbergen Capital Investments LLC’s holdings, making the stock its 3rd largest position. Zevenbergen Capital Investments LLC’s holdings in Shopify were worth $269,582,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Heartwood Wealth Advisors LLC acquired a new stake in shares of Shopify in the 3rd quarter valued at $27,000. JPL Wealth Management LLC acquired a new stake in shares of Shopify during the 3rd quarter worth about $32,000. Caitlin John LLC bought a new position in Shopify during the 3rd quarter valued at about $36,000. Cornerstone Planning Group LLC boosted its position in Shopify by 104.9% in the third quarter. Cornerstone Planning Group LLC now owns 250 shares of the software maker’s stock valued at $37,000 after buying an additional 128 shares in the last quarter. Finally, Financial Consulate Inc. acquired a new position in Shopify in the third quarter valued at about $38,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of Shopify stock opened at $111.77 on Tuesday. The firm has a market cap of $145.76 billion, a P/E ratio of 120.18, a P/E/G ratio of 3.96 and a beta of 2.83. The firm has a 50 day simple moving average of $124.22 and a 200 day simple moving average of $146.90. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19.

Analysts Set New Price Targets

SHOP has been the subject of several recent analyst reports. Oppenheimer reaffirmed an “outperform” rating on shares of Shopify in a report on Monday, December 1st. BMO Capital Markets set a $160.00 target price on Shopify in a report on Thursday, February 12th. TD Securities raised Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target for the company in a report on Thursday, February 12th. DZ Bank upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Finally, Citizens Jmp reduced their price objective on Shopify from $200.00 to $160.00 and set a “market outperform” rating on the stock in a research note on Thursday, February 12th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $163.38.

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.