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

Envestnet Asset Management Inc. lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,063,433 shares of the software maker’s stock after selling 21,024 shares during the period. Envestnet Asset Management Inc. owned 0.16% of Shopify worth $219,405,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Perennial Investment Advisors LLC lifted its holdings in shares of Shopify by 3.0% during the 4th quarter. Perennial Investment Advisors LLC now owns 11,715 shares of the software maker’s stock worth $1,246,000 after acquiring an additional 339 shares during the period. Dynamic Technology Lab Private Ltd raised its position in Shopify by 55.2% during the fourth quarter. Dynamic Technology Lab Private Ltd now owns 12,790 shares of the software maker’s stock valued at $1,360,000 after purchasing an additional 4,549 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in Shopify during the fourth quarter worth $60,000. KCM Investment Advisors LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $208,000. Finally, Orion Investment Co increased its stake in shares of Shopify by 1.0% in the 4th quarter. Orion Investment Co now owns 37,914 shares of the software maker’s stock valued at $4,031,000 after purchasing an additional 360 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Down 6.6 %

Shares of Shopify stock opened at $76.89 on Monday. The company has a market capitalization of $99.56 billion, a P/E ratio of 49.61, a price-to-earnings-growth ratio of 4.82 and a beta of 2.81. The stock has a fifty day simple moving average of $108.67 and a 200 day simple moving average of $101.59. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Phillip Securities lowered Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Evercore ISI raised their price target on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Morgan Stanley upped their price objective on shares of Shopify from $126.00 to $144.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a research report on Thursday, December 12th. Finally, ATB Capital upped their price target on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $126.31.

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.