Wrapmanager Inc. Sells 2,348 Shares of Shopify Inc. (NYSE:SHOP)

Wrapmanager Inc. cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 17.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 11,226 shares of the software maker’s stock after selling 2,348 shares during the period. Wrapmanager Inc.’s holdings in Shopify were worth $1,194,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Jennison Associates LLC bought a new stake in shares of Shopify during the fourth quarter worth $132,323,000. Swiss National Bank increased its holdings in Shopify by 0.9% during the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after purchasing an additional 33,300 shares in the last quarter. Watts Gwilliam & Co. LLC lifted its holdings in shares of Shopify by 53.0% in the fourth quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock valued at $1,431,000 after purchasing an additional 4,641 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in shares of Shopify by 29.3% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after buying an additional 77,500 shares during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in shares of Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price on the stock in a research note on Monday, February 10th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Wedbush reiterated an “outperform” rating and set a $125.00 target price on shares of Shopify in a research note on Tuesday, February 11th. Jefferies Financial Group upped their price target on shares of Shopify from $110.00 to $130.00 and gave the company a “hold” rating in a research note on Tuesday, February 18th. Finally, Evercore ISI upped their target price on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

SHOP stock opened at $115.45 on Tuesday. The company has a market capitalization of $149.48 billion, a P/E ratio of 74.48, a price-to-earnings-growth ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The business has a 50-day simple moving average of $112.84 and a two-hundred day simple moving average of $95.93.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts forecast that Shopify Inc. will post 1.12 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.