Pittenger & Anderson Inc. Has $6.51 Million Stock Position in Shopify Inc. $SHOP

Pittenger & Anderson Inc. decreased its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 19.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,810 shares of the software maker’s stock after selling 10,335 shares during the period. Pittenger & Anderson Inc.’s holdings in Shopify were worth $6,511,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Shopify in the second quarter valued at about $1,794,952,000. Jennison Associates LLC grew its holdings in Shopify by 64.3% in the third quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after purchasing an additional 7,403,821 shares during the period. Brown Advisory Inc. raised its stake in Shopify by 5,193.6% during the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares during the period. Geode Capital Management LLC raised its position in shares of Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after purchasing an additional 1,781,530 shares during the period. Finally, Picton Mahoney Asset Management raised its holdings in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after buying an additional 1,759,003 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 3.4%

NASDAQ:SHOP opened at $143.64 on Friday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The stock has a market cap of $187.00 billion, a P/E ratio of 106.40, a price-to-earnings-growth ratio of 4.11 and a beta of 2.83. The firm’s fifty day simple moving average is $158.71 and its 200 day simple moving average is $150.96.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SHOP. Wedbush reiterated an “outperform” rating and issued a $185.00 target price (up from $160.00) on shares of Shopify in a research note on Tuesday, November 4th. Canaccord Genuity Group boosted their price objective on Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. TD Securities raised shares of Shopify to a “hold” rating in a report on Thursday, December 4th. Needham & Company LLC reissued a “buy” rating and set a $180.00 price objective on shares of Shopify in a research note on Wednesday, November 5th. Finally, Royal Bank Of Canada set a $200.00 price target on Shopify and gave the company an “outperform” rating in a research report on Monday. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the stock. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average price target of $171.61.

About Shopify

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.