Vestmark Advisory Solutions Inc. Sells 109,793 Shares of Shopify Inc. $SHOP

Vestmark Advisory Solutions Inc. lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 45.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 132,672 shares of the software maker’s stock after selling 109,793 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Shopify were worth $19,716,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Brighton Jones LLC raised its holdings in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after buying an additional 7,544 shares during the period. Sivia Capital Partners LLC raised its stake in Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after buying an additional 506 shares in the last quarter. Cullen Frost Bankers Inc. raised its stake in Shopify by 407.8% in the second quarter. Cullen Frost Bankers Inc. now owns 980 shares of the software maker’s stock worth $113,000 after buying an additional 787 shares in the last quarter. Finally, Ethic Inc. purchased a new stake in Shopify in the second quarter worth about $230,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

SHOP opened at $126.20 on Friday. The firm has a market cap of $164.29 billion, a PE ratio of 135.70, a P/E/G ratio of 4.60 and a beta of 2.83. The stock has a 50-day moving average price of $145.96 and a 200-day moving average price of $150.69. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research analyst reports. BMO Capital Markets set a $160.00 target price on Shopify in a report on Thursday, February 12th. Truist Financial set a $150.00 price objective on Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. DZ Bank raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Phillip Securities raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, KeyCorp reissued an “overweight” rating and set a $160.00 price target on shares of Shopify in a research report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify Company Profile

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.