Artisan Partners Limited Partnership Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

Artisan Partners Limited Partnership lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 25.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,332,465 shares of the software maker’s stock after selling 2,443,006 shares during the period. Shopify accounts for 1.2% of Artisan Partners Limited Partnership’s investment portfolio, making the stock its 20th largest position. Artisan Partners Limited Partnership owned about 0.57% of Shopify worth $779,661,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Shopify by 30.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker’s stock worth $754,201,000 after acquiring an additional 1,647,374 shares in the last quarter. National Bank of Canada FI lifted its holdings in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after purchasing an additional 1,621,981 shares in the last quarter. Jennison Associates LLC bought a new position in Shopify in the 4th quarter worth about $132,323,000. Congress Asset Management Co. purchased a new position in Shopify during the 4th quarter valued at about $84,074,000. Finally, Vanguard Group Inc. increased its position in shares of Shopify by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker’s stock valued at $5,010,721,000 after buying an additional 781,162 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of Shopify stock opened at $104.32 on Thursday. The business has a 50 day moving average price of $110.36 and a 200 day moving average price of $100.34. The company has a market capitalization of $135.07 billion, a P/E ratio of 67.30, a P/E/G ratio of 4.82 and a beta of 2.60. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS 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, research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on SHOP. Morgan Stanley upped their price target on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Canaccord Genuity Group raised their price target on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Piper Sandler boosted their price objective on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Jefferies Financial Group upped their price objective on shares of Shopify from $110.00 to $130.00 and gave the stock a “hold” rating in a research report on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Shopify from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

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.