Oppenheimer Asset Management Inc. Trims Holdings in Shopify Inc. (NYSE:SHOP)

Oppenheimer Asset Management Inc. decreased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,973 shares of the software maker’s stock after selling 836 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Shopify were worth $1,387,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Norges Bank purchased a new stake in Shopify in the 4th quarter valued at $1,049,089,000. Capital World Investors increased its stake in Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after buying an additional 8,789,411 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Shopify by 118.9% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock worth $263,452,000 after purchasing an additional 1,837,000 shares during the period. Artisan Partners Limited Partnership grew its stake in shares of Shopify by 33.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 6,416,115 shares of the software maker’s stock worth $499,815,000 after purchasing an additional 1,606,482 shares during the period. Finally, Baillie Gifford & Co. grew its stake in shares of Shopify by 2.3% during the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP stock opened at $64.89 on Monday. The firm has a market cap of $83.62 billion, a P/E ratio of -381.71, a P/E/G ratio of 3.24 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The firm has a fifty day moving average of $63.05 and a two-hundred day moving average of $72.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. As a group, research analysts anticipate that Shopify Inc. will post 0.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SHOP shares. DA Davidson lowered their price target on shares of Shopify from $90.00 to $84.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. Evercore ISI raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research note on Friday, June 14th. Evercore raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective on the stock in a research note on Friday, June 14th. BNP Paribas raised shares of Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 2nd. Finally, JMP Securities raised shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $77.03.

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.