Rockefeller Capital Management L.P. Sells 147,724 Shares of Shopify Inc. $SHOP

Rockefeller Capital Management L.P. lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 991,988 shares of the software maker’s stock after selling 147,724 shares during the period. Rockefeller Capital Management L.P. owned approximately 0.08% of Shopify worth $159,680,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SHOP. Kingdom Financial Group LLC. bought a new position in Shopify during the fourth quarter valued at about $26,000. Curio Wealth LLC acquired a new position in Shopify in the 4th quarter valued at approximately $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Shopify during the 4th quarter worth approximately $29,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Shopify during the 4th quarter worth approximately $31,000. Finally, Lodestone Wealth Management LLC bought a new stake in shares of Shopify during the fourth quarter valued at approximately $31,000. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SHOP. Citigroup restated a “market outperform” rating on shares of Shopify in a research note on Thursday. DA Davidson decreased their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Piper Sandler reissued an “overweight” rating and issued a $150.00 price target (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Oppenheimer restated an “outperform” rating and issued a $175.00 price objective on shares of Shopify in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company reduced their price objective on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $108.85 on Friday. The business’s fifty day moving average price is $113.17 and its two-hundred day moving average price is $129.94. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The stock has a market capitalization of $141.25 billion, a price-to-earnings ratio of 107.77, a price-to-earnings-growth ratio of 3.05 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $998.78. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. Research analysts expect that Shopify Inc. will post 1.36 EPS for the current fiscal year.

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.