Ameriprise Financial Inc. trimmed its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 49.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,853 shares of the software maker’s stock after selling 25,402 shares during the quarter. Ameriprise Financial Inc.’s holdings in Shopify were worth $2,992,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC increased its position in shares of Shopify by 8.5% during the second quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock worth $1,090,644,000 after purchasing an additional 989,113 shares in the last quarter. Coatue Management LLC purchased a new stake in shares of Shopify during the second quarter worth approximately $228,174,000. Baillie Gifford & Co. purchased a new stake in shares of Shopify during the third quarter worth approximately $109,344,000. Zevenbergen Capital Investments LLC increased its position in shares of Shopify by 36.1% during the second quarter. Zevenbergen Capital Investments LLC now owns 837,955 shares of the software maker’s stock worth $72,818,000 after purchasing an additional 222,240 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Shopify by 2.5% during the third quarter. Canada Pension Plan Investment Board now owns 477,948 shares of the software maker’s stock worth $55,650,000 after purchasing an additional 11,448 shares in the last quarter. Hedge funds and other institutional investors own 55.32% of the company’s stock.
Several brokerages recently commented on SHOP. Robert W. Baird reiterated a “buy” rating and set a $110.00 price target on shares of Shopify in a research report on Friday, September 29th. Vetr upgraded Shopify from a “hold” rating to a “buy” rating and set a $121.02 price target for the company in a research report on Tuesday, September 26th. BidaskClub cut Shopify from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. Piper Jaffray Companies reiterated a “buy” rating and set a $110.00 price target on shares of Shopify in a research report on Friday, October 6th. Finally, Barclays boosted their price target on Shopify from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $102.56.
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Shopify Company Profile
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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