Shopify Inc. (NYSE:SHOP) Shares Sold by RiverPark Advisors LLC

RiverPark Advisors LLC lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 33,936 shares of the software maker’s stock after selling 7,481 shares during the period. Shopify comprises approximately 2.2% of RiverPark Advisors LLC’s portfolio, making the stock its 12th largest position. RiverPark Advisors LLC’s holdings in Shopify were worth $2,720,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GQG Partners LLC increased its stake in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after buying an additional 13,885,473 shares during the period. Capital World Investors increased its stake in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares during the period. Baillie Gifford & Co. increased its stake in Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the period. Finally, Mackenzie Financial Corp increased its stake in Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after buying an additional 2,102,939 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shopify stock opened at $108.49 on Friday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $115.62. The firm has a 50 day moving average price of $81.97 and a 200 day moving average price of $71.02. The company has a market cap of $139.99 billion, a price-to-earnings ratio of 101.39, a PEG ratio of 3.45 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10.

Analysts Set New Price Targets

SHOP has been the topic of several recent research reports. Royal Bank of Canada upped their target price on shares of Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. KeyCorp increased their price objective on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday. Citigroup increased their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $94.95.

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.