iA Global Asset Management Inc. Lowers Stake in Shopify Inc. $SHOP

iA Global Asset Management Inc. reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 26.2% in the first quarter, HoldingsChannel.com reports. The fund owned 149,046 shares of the software maker’s stock after selling 52,838 shares during the quarter. iA Global Asset Management Inc.’s holdings in Shopify were worth $17,680,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. Brighton Jones LLC raised its position in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in shares of Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after purchasing an additional 506 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Shopify in the 2nd quarter worth about $53,000. Finally, Main Street Financial Solutions LLC increased its position in shares of Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 1,479 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shopify stock opened at $114.18 on Wednesday. The stock’s 50 day simple moving average is $112.08 and its two-hundred day simple moving average is $127.41. The stock has a market cap of $148.17 billion, a price-to-earnings ratio of 113.05, a PEG ratio of 3.14 and a beta of 2.60. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. On average, analysts predict that Shopify Inc. will post 1.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHOP. National Bank Financial dropped their target price on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Needham & Company LLC reiterated a “buy” rating and set a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. Royal Bank Of Canada reiterated an “outperform” rating and set a $170.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Weiss Ratings lowered shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a report on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $157.17.

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.