Rockefeller Capital Management L.P. Sells 69,813 Shares of Shopify Inc. (NYSE:SHOP)

Rockefeller Capital Management L.P. trimmed its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.2% in the third quarter, Holdings Channel.com reports. The fund owned 161,059 shares of the software maker’s stock after selling 69,813 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Shopify were worth $12,907,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. EverSource Wealth Advisors LLC raised its holdings in Shopify by 73.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,439 shares of the software maker’s stock worth $171,000 after purchasing an additional 1,032 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify during the second quarter worth $39,000. Mather Group LLC. increased its position in shares of Shopify by 2,216.7% during the second quarter. Mather Group LLC. now owns 2,085 shares of the software maker’s stock worth $138,000 after buying an additional 1,995 shares during the period. Harbor Capital Advisors Inc. raised its stake in Shopify by 10.6% during the second quarter. Harbor Capital Advisors Inc. now owns 37,972 shares of the software maker’s stock worth $2,508,000 after buying an additional 3,629 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its holdings in Shopify by 31.0% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,314 shares of the software maker’s stock valued at $285,000 after buying an additional 1,020 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Truist Financial lifted their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. Royal Bank of Canada increased their price target on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. Finally, Evercore ISI boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $95.84.

Shopify Stock Down 2.3 %

Shares of NYSE:SHOP opened at $112.98 on Tuesday. The company has a market capitalization of $145.98 billion, a PE ratio of 105.59, a price-to-earnings-growth ratio of 3.04 and a beta of 2.36. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $116.35. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The business has a fifty day moving average price of $89.16 and a two-hundred day moving average price of $74.06.

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.