Shopify Inc. $SHOP Shares Sold by WCM Investment Management LLC

WCM Investment Management LLC decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,682,523 shares of the software maker’s stock after selling 18,156 shares during the period. Shopify accounts for about 1.7% of WCM Investment Management LLC’s investment portfolio, making the stock its 22nd largest holding. WCM Investment Management LLC’s holdings in Shopify were worth $746,906,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Shopify by 3.7% in the first quarter. Dimensional Fund Advisors LP now owns 783,064 shares of the software maker’s stock valued at $92,869,000 after buying an additional 27,893 shares during the period. Scarborough Advisors LLC grew its holdings in Shopify by 23.3% during the first quarter. Scarborough Advisors LLC now owns 530 shares of the software maker’s stock worth $63,000 after acquiring an additional 100 shares during the period. Balefire LLC grew its holdings in Shopify by 8.0% during the first quarter. Balefire LLC now owns 3,111 shares of the software maker’s stock worth $369,000 after acquiring an additional 230 shares during the period. Parallel Advisors LLC raised its position in Shopify by 8.0% in the first quarter. Parallel Advisors LLC now owns 25,763 shares of the software maker’s stock worth $3,056,000 after acquiring an additional 1,910 shares in the last quarter. Finally, Resolute Wealth Strategies LLC raised its position in Shopify by 2.1% in the first quarter. Resolute Wealth Strategies LLC now owns 31,220 shares of the software maker’s stock worth $3,703,000 after acquiring an additional 640 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SHOP has been the subject of a number of research analyst reports. Citigroup downgraded shares of Shopify from a “market outperform” rating to a “neutral” rating in a report on Friday, July 10th. National Bank Financial dropped their target price on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Stifel Nicolaus set a $150.00 target price on shares of Shopify and gave the stock a “buy” rating in a report on Thursday, July 9th. Citizens Jmp cut their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 6th. Finally, BMO Capital Markets assumed coverage on Shopify in a report on Friday, July 10th. They issued a “market perform” rating on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $157.58.

Shopify Price Performance

Shares of SHOP opened at $123.56 on Monday. The company has a 50-day moving average of $112.47 and a two-hundred day moving average of $123.35. The stock has a market cap of $160.34 billion, a price-to-earnings ratio of 122.34, a PEG ratio of 2.68 and a beta of 2.58. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.