ARK Investment Management LLC Has $479.02 Million Holdings in Shopify Inc. (NYSE:SHOP)

ARK Investment Management LLC decreased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,505,024 shares of the software maker’s stock after selling 165,880 shares during the quarter. Shopify comprises approximately 4.0% of ARK Investment Management LLC’s holdings, making the stock its 7th largest position. ARK Investment Management LLC owned about 0.35% of Shopify worth $479,019,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Brooklyn Investment Group bought a new stake in shares of Shopify in the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton lifted its position in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify in the 4th quarter worth approximately $39,000. Mather Group LLC. lifted its position in shares of Shopify by 84.8% in the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after acquiring an additional 184 shares during the period. Finally, Truvestments Capital LLC bought a new stake in shares of Shopify in the 3rd quarter worth approximately $45,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 4.0 %

NYSE:SHOP opened at $110.89 on Wednesday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm has a market capitalization of $143.58 billion, a P/E ratio of 71.54, a P/E/G ratio of 4.82 and a beta of 2.47. The stock’s fifty day simple moving average is $112.67 and its 200-day simple moving average is $96.23.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly 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%. As a group, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Robert W. Baird raised their price objective on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Wedbush reiterated an “outperform” rating and issued a $125.00 price objective on shares of Shopify in a research report on Tuesday, February 11th. Deutsche Bank Aktiengesellschaft raised their target price on Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. DA Davidson raised their target price on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, TD Securities raised their target price on Shopify from $100.00 to $130.00 and gave the stock a “hold” 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 issued a strong buy rating to the company. According to data from MarketBeat, the company currently 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.