Shopify Inc. $SHOP Stock Holdings Lessened by Cornerstone Advisors LLC

Cornerstone Advisors LLC lessened its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 39.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 64,668 shares of the software maker’s stock after selling 41,781 shares during the quarter. Cornerstone Advisors LLC’s holdings in Shopify were worth $9,590,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Swiss National Bank raised its position in Shopify by 27.0% during the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock worth $487,580,000 after acquiring an additional 876,100 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Shopify in the 3rd quarter valued at about $102,751,000. The Manufacturers Life Insurance Company grew its position in shares of Shopify by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock valued at $998,137,000 after acquiring an additional 660,198 shares during the period. Bank of Nova Scotia increased its stake in shares of Shopify by 24.2% during the 1st quarter. Bank of Nova Scotia now owns 3,196,004 shares of the software maker’s stock worth $379,111,000 after purchasing an additional 621,893 shares during the last quarter. Finally, Nykredit A S acquired a new position in shares of Shopify during the 2nd quarter worth about $41,959,000. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

NASDAQ:SHOP opened at $147.09 on Friday. The company has a market cap of $189.25 billion, a P/E ratio of 89.69, a P/E/G ratio of 3.49 and a beta of 2.65. The firm’s fifty day moving average price is $152.79 and its two-hundred day moving average price is $130.34. Shopify Inc. has a one year low of $94.00 and a one year high of $180.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. The company had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. The business’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 EPS. As a group, equities research analysts expect that Shopify Inc. will post 1.48 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SHOP. Piper Sandler reaffirmed an “overweight” rating on shares of Shopify in a report on Monday, October 5th. Mizuho set a $180.00 price target on Shopify in a report on Thursday, September 24th. Royal Bank Of Canada reissued an “outperform” rating and set a $200.00 price target on shares of Shopify in a research report on Wednesday, November 4th. National Bank Financial upped their price objective on Shopify from $180.00 to $185.00 and gave the company an “outperform” rating in a research note on Wednesday, November 4th. Finally, Zacks Research upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $178.82.

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement. Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world. Founded in 2006, Shopify is headquartered in Ottawa, Canada.