Atika Capital Management LLC Decreases Position in Shopify Inc. $SHOP

Key Points

• Atika Capital Management LLC reduced its investment in Shopify by 18.4% in the first quarter, selling 11,233 shares, which left them with 49,767 shares valued at approximately $4.75 million.
• Shopify's quarterly earnings exceeded expectations, with earnings per share of $0.35 and revenue of $2.68 billion, reflecting a year-over-year growth of 31.1%.
• Analysts have shown mixed sentiments, with several institutions raising their price targets for Shopify, but ATB Capital downgraded its rating to "sector perform," while the average target price stands at $148.51.

Atika Capital Management LLC lessened its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 18.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 49,767 shares of the software maker's stock after selling 11,233 shares during the period. Atika Capital Management LLC's holdings in Shopify were worth $4,752,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in SHOP. Nuveen LLC purchased a new stake in shares of Shopify during the first quarter worth $667,392,000. Jennison Associates LLC lifted its holdings in Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares during the last quarter. Durable Capital Partners LP grew its holdings in shares of Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after purchasing an additional 1,836,294 shares during the period. Mackenzie Financial Corp boosted its stake in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after buying an additional 1,426,406 shares during the period. Finally, Voloridge Investment Management LLC acquired a new stake in Shopify in the 4th quarter valued at approximately $125,334,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

NYSE:SHOP opened at $137.29 on Thursday. The firm has a 50 day simple moving average of $123.27 and a 200-day simple moving average of $109.60. The firm has a market cap of $178.12 billion, a PE ratio of 88.57, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85.

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, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SHOP shares. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 target price (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. The Goldman Sachs Group raised their price target on Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. upped their target price on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. ATB Capital downgraded Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada lifted their price objective on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and an average target price of $148.51.

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.

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