APG Asset Management N.V. Reduces Stake in Shopify Inc. $SHOP

Key Points

• APG Asset Management N.V. has reduced its stake in Shopify Inc. by 35.0%, selling 22,779 shares to own 42,361 shares now valued at $3,730,000.
• Shopify's quarterly earnings report exceeded expectations, with earnings per share of $0.35 on revenue of $2.68 billion, marking a year-over-year revenue increase of 31.1%.
• Analysts hold a positive outlook on Shopify, with twenty-four ratings as "Buy" and an average target price of $148.51.

APG Asset Management N.V. reduced its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 35.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,361 shares of the software maker's stock after selling 22,779 shares during the period. APG Asset Management N.V.'s holdings in Shopify were worth $3,730,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Biondo Investment Advisors LLC increased its stake in Shopify by 0.9% in the 1st quarter. Biondo Investment Advisors LLC now owns 29,079 shares of the software maker's stock valued at $2,776,000 after purchasing an additional 255 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Shopify by 5.4% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 179,758 shares of the software maker's stock valued at $17,163,000 after purchasing an additional 9,133 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Shopify by 10.4% in the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,924,549 shares of the software maker's stock valued at $278,265,000 after purchasing an additional 275,248 shares in the last quarter. Sax Wealth Advisors LLC increased its stake in Shopify by 53.9% in the 1st quarter. Sax Wealth Advisors LLC now owns 6,271 shares of the software maker's stock valued at $599,000 after purchasing an additional 2,195 shares in the last quarter. Finally, Van Hulzen Asset Management LLC increased its stake in Shopify by 12.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 3,465 shares of the software maker's stock valued at $331,000 after purchasing an additional 378 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 0.2%

SHOP stock opened at $140.85 on Wednesday. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The stock's fifty day simple moving average is $125.88 and its 200-day simple moving average is $110.15. The stock has a market capitalization of $183.06 billion, a price-to-earnings ratio of 90.87, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SHOP. BNP Paribas Exane downgraded Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research note on Monday, May 5th. Stifel Nicolaus increased their target price on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Mizuho increased their target price on Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Barclays increased their target price on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday, August 7th. Finally, KeyCorp reiterated an "overweight" rating and set a $175.00 target price (up previously from $145.00) on shares of Shopify in a report on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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.

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