1832 Asset Management L.P. Decreases Stake in Shopify Inc. $SHOP

Key Points

• 1832 Asset Management L.P. reduced its stake in Shopify by 6.4% in the first quarter, holding approximately 1.8 million shares worth $172.1 million.
• Shopify's analysts show a consensus rating of "Moderate Buy", with a target price averaging $148.51.
• In its latest quarterly earnings, Shopify reported earnings per share of $0.35, exceeding expectations, with a revenue increase of 31.1% year-over-year.

1832 Asset Management L.P. reduced its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,802,230 shares of the software maker's stock after selling 122,289 shares during the period. 1832 Asset Management L.P. owned approximately 0.14% of Shopify worth $172,077,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mather Group LLC. grew its position in shares of Shopify by 127.4% during the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after buying an additional 511 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Shopify in the first quarter valued at approximately $382,000. GAMMA Investing LLC lifted its stake in Shopify by 80.0% in the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after acquiring an additional 428 shares during the last quarter. Bessemer Group Inc. lifted its stake in Shopify by 3.8% in the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after acquiring an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Shopify by 1.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after acquiring an additional 432 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shopify stock traded down $1.58 during mid-day trading on Monday, reaching $140.53. 4,850,916 shares of the company were exchanged, compared to its average volume of 10,300,885. The firm's 50-day simple moving average is $124.55 and its two-hundred day simple moving average is $109.77. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85. The firm has a market cap of $182.64 billion, a PE ratio of 90.67, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The company's revenue for the quarter was up 31.1% on a year-over-year basis. During the same period last year, the company earned $0.26 earnings per share. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

SHOP has been the subject of several recent analyst reports. Truist Financial lifted their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. ATB Capital cut Shopify to a "sector perform" rating in a research note on Thursday, August 7th. CIBC lifted their price target on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. TD Securities increased their price objective on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

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.