Shopify Inc. (NYSE:SHOP) Position Reduced by WCM Investment Management LLC

WCM Investment Management LLC lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 150,000 shares of the software maker’s stock after selling 2,650 shares during the period. WCM Investment Management LLC’s holdings in Shopify were worth $11,882,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of SHOP. Norden Group LLC acquired a new stake in shares of Shopify during the 1st quarter valued at $213,000. Envestnet Portfolio Solutions Inc. increased its stake in Shopify by 1.6% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 26,259 shares of the software maker’s stock worth $2,026,000 after purchasing an additional 405 shares in the last quarter. Empowered Funds LLC raised its holdings in Shopify by 15.4% during the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock worth $981,000 after buying an additional 1,694 shares during the period. Heritage Wealth Advisors lifted its stake in Shopify by 3,957.6% during the first quarter. Heritage Wealth Advisors now owns 3,449 shares of the software maker’s stock valued at $266,000 after buying an additional 3,364 shares in the last quarter. Finally, Bleakley Financial Group LLC lifted its stake in Shopify by 51.4% during the first quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock valued at $1,259,000 after buying an additional 5,537 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

NYSE:SHOP opened at $89.99 on Tuesday. 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 company has a 50-day moving average of $78.41 and a 200-day moving average of $69.79. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $92.16. The company has a market capitalization of $116.12 billion, a price-to-earnings ratio of 91.83, a PEG ratio of 2.91 and a beta of 2.36.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price target on shares of Shopify in a report on Monday, October 7th. UBS Group raised their target price on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. KeyCorp assumed coverage on Shopify in a research note on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.03.

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.