Shopify Inc. (NYSE:SHOP) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,670,904 shares of the software maker’s stock after selling 296,177 shares during the quarter. Shopify accounts for about 3.4% of ARK Investment Management LLC’s holdings, making the stock its 8th biggest position. ARK Investment Management LLC owned approximately 0.36% of Shopify worth $374,326,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Oliver Lagore Vanvalin Investment Group raised its holdings in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares in the last quarter. Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in shares of Shopify during the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the 2nd quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in Shopify in the second quarter worth approximately $39,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on SHOP. Royal Bank of Canada boosted their target price on shares of Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Roth Mkm raised their target price on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft upped their price target on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 target price on shares of Shopify in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and an average price target of $81.03.

Shopify Price Performance

Shares of SHOP stock opened at $85.62 on Friday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $91.57. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $77.90 and its 200-day moving average is $69.61. The firm has a market capitalization of $110.48 billion, a price-to-earnings ratio of 87.36, a PEG ratio of 2.62 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Sell-side analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Shopify Company 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.