Envestnet Asset Management Inc. Has $219.41 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Envestnet Asset Management Inc. reduced its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,063,433 shares of the software maker's stock after selling 21,024 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.16% of Shopify worth $219,405,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Shopify by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock valued at $5,010,721,000 after acquiring an additional 781,162 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Shopify by 79.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. Norges Bank bought a new position in shares of Shopify during the fourth quarter worth approximately $1,542,262,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Shopify by 30.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,095,382 shares of the software maker's stock worth $754,201,000 after purchasing an additional 1,647,374 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Shopify by 30.2% in the 4th quarter. Geode Capital Management LLC now owns 7,015,582 shares of the software maker's stock valued at $748,799,000 after purchasing an additional 1,627,776 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several research analysts have weighed in on the company. Barclays increased their price objective on Shopify from $93.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 12th. Truist Financial raised their price target on shares of Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a research report on Wednesday, February 12th. Morgan Stanley boosted their price objective on shares of Shopify from $126.00 to $144.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. UBS Group raised their target price on shares of Shopify from $110.00 to $125.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Finally, DA Davidson lifted their price target on shares of Shopify from $130.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $126.31.

Shopify Stock Down 1.1 %

SHOP traded down $0.92 during midday trading on Friday, hitting $83.71. 18,094,214 shares of the company were exchanged, compared to its average volume of 9,229,511. The firm's 50 day moving average price is $104.13 and its 200-day moving average price is $101.48. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market capitalization of $108.39 billion, a P/E ratio of 54.01, a P/E/G ratio of 4.82 and a beta of 2.82.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. On average, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.