ARK Investment Management LLC Sells 296,177 Shares of Shopify Inc. (NYSE:SHOP)

ARK Investment Management LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 4,670,904 shares of the software maker’s stock after selling 296,177 shares during the quarter. Shopify comprises about 3.4% of ARK Investment Management LLC’s investment portfolio, making the stock its 8th largest position. ARK Investment Management LLC’s holdings in Shopify were worth $374,326,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group grew its stake in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. bought a new position in shares of Shopify during the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify in the 2nd quarter valued at approximately $33,000. Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify during the second quarter worth $39,000. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SHOP. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a research note on Tuesday, September 10th. Barclays increased their price objective on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Morgan Stanley boosted their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Finally, Evercore lifted their price objective on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.03.

Shopify Stock Performance

NYSE:SHOP opened at $85.62 on Friday. The company has a market cap of $110.48 billion, a price-to-earnings ratio of 87.36, a PEG ratio of 2.62 and a beta of 2.36. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a fifty day moving average price of $77.90 and a 200-day moving average price of $69.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. As a group, equities analysts anticipate that Shopify Inc. will post 0.76 EPS 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.