1832 Asset Management L.P. Reduces Position in Shopify Inc. (NYSE:SHOP)

1832 Asset Management L.P. decreased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 59.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 652,696 shares of the software maker’s stock after selling 966,271 shares during the period. 1832 Asset Management L.P. owned 0.05% of Shopify worth $43,111,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. DSM Capital Partners LLC purchased a new position in Shopify in the 4th quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new position in shares of Shopify in the fourth quarter valued at $28,000. Cultivar Capital Inc. purchased a new position in shares of Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at $33,000. Finally, OLD Point Trust & Financial Services N A purchased a new stake in Shopify during the 4th quarter worth about $39,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.1 %

NYSE:SHOP opened at $78.72 on Monday. The firm has a market capitalization of $101.45 billion, a P/E ratio of -463.06, a P/E/G ratio of 2.47 and a beta of 2.35. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a fifty day moving average of $68.41 and a 200 day moving average of $68.34.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the firm earned ($0.08) earnings per share. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. On average, research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on SHOP. The Goldman Sachs Group lifted their target price on Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. KeyCorp began coverage on shares of Shopify in a research note on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective for the company. Evercore upped their target price on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Wells Fargo & Company upped their price target on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.92.

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.