1832 Asset Management L.P. Cuts Position in Shopify Inc. $SHOP

1832 Asset Management L.P. trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.4% during the first quarter, HoldingsChannel.com reports. The firm owned 1,802,230 shares of the software maker’s stock after selling 122,289 shares during the quarter. 1832 Asset Management L.P.’s holdings in Shopify were worth $172,077,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SHOP. Nuveen LLC purchased a new position in shares of Shopify in the 1st quarter worth about $667,392,000. Jennison Associates LLC raised its holdings in shares of Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock worth $504,209,000 after purchasing an additional 4,036,326 shares during the period. Durable Capital Partners LP raised its holdings in shares of Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock valued at $420,041,000 after buying an additional 1,836,294 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after buying an additional 1,426,406 shares during the period. Finally, Voloridge Investment Management LLC purchased a new stake in shares of Shopify during the 4th quarter valued at about $125,334,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on SHOP shares. Scotiabank reiterated a “sector perform” rating and set a $150.00 target price (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Robert W. Baird raised their target price on Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 14th. JMP Securities raised their target price on Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, August 7th. CIBC raised their target price on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Finally, Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $148.51.

Shopify Stock Down 0.4%

Shares of NYSE SHOP opened at $136.68 on Friday. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The business has a 50 day moving average price of $123.82 and a two-hundred day moving average price of $109.76. The firm has a market cap of $177.64 billion, a PE ratio of 88.18, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the firm earned $0.26 EPS. Shopify’s quarterly revenue was up 31.1% on a year-over-year basis. On average, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify Profile

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.