Steadfast Capital Management LP Sells 194,667 Shares of Shopify Inc. (SHOP)
Steadfast Capital Management LP decreased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) by 61.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 122,994 shares of the software maker’s stock after selling 194,667 shares during the period. Steadfast Capital Management LP owned approximately 0.12% of Shopify worth $10,688,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Mn Services Vermogensbeheer B.V. bought a new stake in shares of Shopify during the 2nd quarter valued at $1,120,000. Wedbush Securities Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at $212,000. Oppenheimer & Co. Inc. raised its position in shares of Shopify by 26.8% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 39,959 shares of the software maker’s stock valued at $3,472,000 after acquiring an additional 8,437 shares during the last quarter. Barton Investment Management raised its position in shares of Shopify by 13.0% during the 2nd quarter. Barton Investment Management now owns 259,650 shares of the software maker’s stock valued at $22,564,000 after acquiring an additional 29,830 shares during the last quarter. Finally, Andra AP fonden bought a new stake in shares of Shopify during the 2nd quarter valued at $1,734,000. Institutional investors own 53.77% of the company’s stock.
Several analysts have commented on the stock. Wedbush reiterated an “ourperform” rating on shares of Shopify in a research report on Wednesday, August 2nd. Robert W. Baird reiterated a “buy” rating and set a $110.00 target price on shares of Shopify in a research report on Friday, September 29th. SunTrust Banks, Inc. initiated coverage on shares of Shopify in a research report on Monday, June 26th. They issued a “hold” rating and a $90.00 price objective for the company. BidaskClub cut shares of Shopify from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Shopify in a research report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $95.51.
Shopify Inc. (NYSE:SHOP) traded down 3.63% during trading on Friday, hitting $96.78. 5,114,256 shares of the stock were exchanged. The firm’s market cap is $9.54 billion. The firm’s 50-day moving average is $116.89 and its 200 day moving average is $116.89. Shopify Inc. has a 52 week low of $37.74 and a 52 week high of $123.94. Shopify also was the target of unusually large options trading activity on Wednesday. Stock investors purchased 33,428 put options on the company. This is an increase of 960% compared to the average daily volume of 3,153 put options.
Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings data on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.05. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The business had revenue of $151.70 million during the quarter, compared to the consensus estimate of $143.94 million. During the same period in the prior year, the firm posted ($0.04) EPS. The firm’s quarterly revenue was up 75.2% compared to the same quarter last year. Analysts expect that Shopify Inc. will post ($0.04) earnings per share for the current fiscal year.
Shopify Company Profile
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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