Castleark Management LLC Sells 34,792 Shares of Shopify Inc. $SHOP

Castleark Management LLC reduced its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 10.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 310,590 shares of the software maker’s stock after selling 34,792 shares during the quarter. Shopify accounts for approximately 1.2% of Castleark Management LLC’s holdings, making the stock its 19th biggest holding. Castleark Management LLC’s holdings in Shopify were worth $36,842,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SHOP. Brighton Jones LLC lifted its stake in shares of Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares during the last quarter. AQR Capital Management LLC grew its position in Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after acquiring an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC grew its position in Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after acquiring an additional 506 shares during the last quarter. Osterweis Capital Management Inc. purchased a new stake in Shopify in the second quarter worth $53,000. Finally, Main Street Financial Solutions LLC increased its stake in Shopify by 15.3% in the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after purchasing an additional 1,479 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $113.75 on Monday. The stock’s fifty day moving average price is $114.39 and its 200-day moving average price is $121.82. The firm has a market cap of $147.61 billion, a P/E ratio of 112.62, a P/E/G ratio of 2.45 and a beta of 2.58. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Barclays set a $126.00 target price on Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Weiss Ratings downgraded shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Oppenheimer reiterated an “outperform” rating and set a $175.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Canaccord Genuity Group lowered their price objective on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Finally, DA Davidson dropped their target price 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. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.69.

Key Headlines Impacting Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Citigroup lowered its price target on Shopify to $150 from $156 but kept a Buy rating, implying meaningful upside from current levels. Benzinga
• Positive Sentiment: Several analyst-focused articles highlighted Shopify as a buy and pointed to roughly 28% upside based on consensus price targets, which can support sentiment around the stock. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Growth-oriented coverage continued to argue that Shopify’s strong fundamentals and growth profile could make it attractive for long-term investors. 3 Reasons Why Growth Investors Shouldn’t Overlook Shopify (SHOP)
• Neutral Sentiment: Reports about Shopify merchants processing record GMV and the broader merchant ecosystem underscore platform momentum, but they were more of an industry/operating backdrop than a direct stock-moving announcement. DSCP Smart Fulfillment Addresses Critical Gap as Shopify Merchants Process Record $378 Billion in Annual Sales
• Negative Sentiment: Rothschild & Co Redburn cut Shopify to Hold, a downgrade that likely pressured the shares and signaled more caution on the stock’s near-term upside. Shopify (NASDAQ:SHOP) Cut to “Hold” at Rothschild & Co Redburn

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.