Grassi Investment Management Has $5.30 Million Holdings in Shopify Inc. $SHOP

Grassi Investment Management reduced its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,955 shares of the software maker’s stock after selling 450 shares during the period. Grassi Investment Management’s holdings in Shopify were worth $5,301,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in shares of Shopify during the first quarter worth $667,392,000. Jennison Associates LLC boosted its holdings in Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock valued at $504,209,000 after purchasing an additional 4,036,326 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after purchasing an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp increased its holdings in shares of Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after purchasing an additional 1,426,406 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of Shopify by 24.6% during the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock worth $530,336,000 after purchasing an additional 1,094,840 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 6th. ATB Capital lowered Shopify to a “sector perform” rating in a report on Thursday, August 7th. Wells Fargo & Company increased their target price on Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Robert W. Baird increased their target price on Shopify from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Monday, July 14th. Finally, DA Davidson increased their price objective on shares of Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Hold” and an average target price of $150.59.

Shopify Price Performance

Shares of Shopify stock opened at $161.14 on Friday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $162.60. The firm has a market capitalization of $209.43 billion, a P/E ratio of 90.02, a P/E/G ratio of 7.17 and a beta of 2.72. The company’s 50 day moving average price is $142.78 and its two-hundred day moving average price is $117.13.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the business posted $0.26 EPS. Shopify’s revenue for the quarter was up 31.1% on a year-over-year basis. On average, analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify Company 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.