Shopify Inc. $SHOP Shares Sold by Evolutionary Tree Capital Management LLC

Evolutionary Tree Capital Management LLC cut its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 64.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,245 shares of the software maker’s stock after selling 13,046 shares during the quarter. Shopify accounts for 1.6% of Evolutionary Tree Capital Management LLC’s investment portfolio, making the stock its 25th largest position. Evolutionary Tree Capital Management LLC’s holdings in Shopify were worth $859,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SHOP. Vanguard Group Inc. lifted its position in shares of Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares in the last quarter. Norges Bank purchased a new stake in Shopify in the 4th quarter worth $2,611,797,000. Invesco Ltd. increased its holdings in Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after acquiring an additional 1,252,074 shares in the last quarter. Geode Capital Management LLC raised its position in Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after acquiring an additional 737,892 shares during the period. Finally, Mackenzie Financial Corp raised its position in Shopify by 9.1% during the fourth quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock worth $1,627,352,000 after acquiring an additional 827,643 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP stock opened at $117.15 on Friday. The stock’s fifty day moving average is $116.58 and its two-hundred day moving average is $120.67. The firm has a market capitalization of $152.02 billion, a P/E ratio of 115.99, a PEG ratio of 2.64 and a beta of 2.58. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Canaccord Genuity Group decreased their price objective on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Citizens Jmp cut their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 6th. Jefferies Financial Group upgraded shares of Shopify from a “hold” rating to a “buy” rating and upped their price target for the stock from $140.00 to $160.00 in a research report on Sunday, July 12th. Oppenheimer reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Shopify in a research note on Wednesday, May 6th. Finally, Bank of America assumed coverage on Shopify in a report on Tuesday, July 7th. They issued a “buy” rating and a $150.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $157.69.

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.