1832 Asset Management L.P. Sells 966,271 Shares of Shopify Inc. (NYSE:SHOP)

1832 Asset Management L.P. reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 59.7% in the second quarter, Holdings Channel.com reports. 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.’s holdings in Shopify were worth $43,111,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Tradition Wealth Management LLC lifted its stake in shares of Shopify by 7.5% in the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after purchasing an additional 140 shares during the period. Willis Johnson & Associates Inc. lifted its position in Shopify by 5.8% during the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after buying an additional 149 shares during the period. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Shopify by 3.2% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock valued at $377,000 after buying an additional 150 shares in the last quarter. Valley National Advisers Inc. grew its position in shares of Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after buying an additional 152 shares during the period. Finally, Checchi Capital Advisers LLC increased its stake in shares of Shopify by 4.0% in the 1st quarter. Checchi Capital Advisers LLC now owns 4,178 shares of the software maker’s stock worth $322,000 after acquiring an additional 162 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their target price for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Citigroup reduced their price objective on Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Piper Sandler reissued a “neutral” rating and issued a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. Royal Bank of Canada restated an “outperform” rating and set a $85.00 price target on shares of Shopify in a report on Thursday, August 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, sixteen have assigned 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Stock Performance

Shares of SHOP opened at $78.72 on Monday. 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 stock has a market cap of $101.45 billion, a price-to-earnings ratio of -463.06, a PEG ratio of 2.47 and a beta of 2.35. The business has a 50-day simple moving average of $68.41 and a two-hundred day simple moving average of $68.34.

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

About Shopify

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.