Shopify Inc. (NYSE:SHOP) Stake Lowered by Venturi Wealth Management LLC

Venturi Wealth Management LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,330 shares of the software maker’s stock after selling 1,772 shares during the period. Venturi Wealth Management LLC’s holdings in Shopify were worth $988,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Capital World Investors lifted its stake in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Shopify by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after purchasing an additional 713,064 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. GQG Partners LLC lifted its stake in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after purchasing an additional 13,885,473 shares during the last quarter. Finally, Capital International Investors lifted its stake in shares of Shopify by 3.4% in the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after purchasing an additional 542,503 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SHOP has been the subject of a number of research analyst reports. KeyCorp initiated coverage on shares of Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price for the company. Evercore boosted their target price on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research report on Tuesday, September 17th. Finally, Evercore ISI upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $81.03.

Shopify Price Performance

SHOP opened at $89.99 on Tuesday. Shopify Inc. has a one year low of $48.56 and a one year high of $92.16. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The company’s 50 day simple moving average is $78.41 and its 200-day simple moving average is $69.79. The stock has a market capitalization of $116.12 billion, a P/E ratio of 91.83, a price-to-earnings-growth ratio of 2.91 and a beta of 2.36.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.