Zevenbergen Capital Investments LLC Reduces Position in Shopify Inc. $SHOP

Zevenbergen Capital Investments LLC decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,674,737 shares of the software maker’s stock after selling 377,203 shares during the period. Shopify accounts for 6.0% of Zevenbergen Capital Investments LLC’s investment portfolio, making the stock its 3rd biggest holding. Zevenbergen Capital Investments LLC owned approximately 0.13% of Shopify worth $269,582,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Jennison Associates LLC boosted its stake in Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after purchasing an additional 7,403,821 shares during the period. Brown Advisory Inc. increased its position in Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares during the period. Foxhaven Asset Management LP acquired a new position in shares of Shopify during the second quarter worth approximately $156,044,000. 1832 Asset Management L.P. boosted its position in shares of Shopify by 72.5% in the second quarter. 1832 Asset Management L.P. now owns 3,108,563 shares of the software maker’s stock valued at $358,573,000 after acquiring an additional 1,306,333 shares during the period. Finally, Select Equity Group L.P. boosted its position in shares of Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after acquiring an additional 1,079,494 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SHOP shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $175.00 target price on shares of Shopify in a research report on Thursday, February 12th. Scotiabank upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $165.00 to $200.00 in a report on Thursday, January 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $126.00 price objective (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. Benchmark reduced their target price on shares of Shopify from $195.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Finally, ATB Cormark Capital Markets raised Shopify from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, February 10th. Three analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $163.38.

Shopify Stock Performance

Shares of SHOP stock opened at $111.77 on Tuesday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The stock has a market cap of $145.76 billion, a price-to-earnings ratio of 120.18, a P/E/G ratio of 3.96 and a beta of 2.83. The firm has a fifty day moving average of $124.22 and a 200-day moving average of $146.90.

Shopify 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.