Adage Capital Partners GP L.L.C. Sells 99,000 Shares of Shopify Inc. $SHOP

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Shopify by 38.8%, selling 99,000 shares during the first quarter, bringing its total holdings to 156,000 shares worth approximately $14.9 million.
• Shopify reported earnings of $0.35 per share for the latest quarter, exceeding consensus estimates, with revenues of $2.68 billion—a 31.1% increase year-over-year.
• Analysts are generally bullish on Shopify, with a consensus rating of "Moderate Buy" and price targets ranging from $150 to $195.

Adage Capital Partners GP L.L.C. lowered its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 38.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 156,000 shares of the software maker's stock after selling 99,000 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in Shopify were worth $14,895,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Fourth Dimension Wealth LLC bought a new position in shares of Shopify in the fourth quarter valued at approximately $30,000. Smithfield Trust Co boosted its holdings in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares during the period. Dagco Inc. bought a new position in Shopify in the 1st quarter valued at $30,000. Cary Street Partners Investment Advisory LLC grew its position in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC bought a new position in shares of Shopify in the first quarter worth $46,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. Atb Cap Markets lowered Shopify from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 6th. JMP Securities raised their price target on Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. TD Securities boosted their price objective on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Zacks Research upgraded shares of Shopify to a "hold" rating in a research report on Tuesday, August 12th. Finally, Oppenheimer lifted their target price on shares of Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Twenty-four equities 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 company. According to data from MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and an average price target of $150.27.

Shopify Stock Performance

SHOP traded down $2.78 during midday trading on Tuesday, hitting $143.44. The stock had a trading volume of 5,744,878 shares, compared to its average volume of 10,009,168. The company has a market cap of $186.42 billion, a P/E ratio of 92.54, a price-to-earnings-growth ratio of 4.82 and a beta of 2.69. The business has a fifty day moving average of $131.54 and a 200 day moving average of $111.18. Shopify Inc. has a 1 year low of $66.95 and a 1 year high of $156.85.

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

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.