Axiom Investors LLC DE Cuts Stock Holdings in Shopify Inc. $SHOP

Key Points

• Axiom Investors LLC DE has reduced its holdings in Shopify Inc. by 57.3%, selling 477,120 shares to end the quarter with 355,405 shares worth approximately $33.9 million.
• Shopify reported a last quarter revenue of $2.68 billion, exceeding analysts' expectations, and showed a substantial year-over-year earnings growth, with earnings per share at $0.35.
• Several analysts have recently upgraded their price targets for Shopify, with Mizuho raising it to $150 and DA Davidson to $185, reflecting a generally positive outlook on the stock.

Axiom Investors LLC DE decreased its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 57.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 355,405 shares of the software maker's stock after selling 477,120 shares during the period. Axiom Investors LLC DE's holdings in Shopify were worth $33,934,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. LRI Investments LLC boosted its holdings in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after buying an additional 79 shares during the period. Fullcircle Wealth LLC raised its stake in Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after purchasing an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC raised its stake in Shopify by 3.4% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after purchasing an additional 116 shares in the last quarter. SVB Wealth LLC raised its stake in Shopify by 2.2% in the 1st quarter. SVB Wealth LLC now owns 5,415 shares of the software maker's stock worth $517,000 after purchasing an additional 119 shares in the last quarter. Finally, Pinnacle Financial Partners Inc raised its stake in Shopify by 4.0% in the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock worth $320,000 after purchasing an additional 125 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shares of SHOP traded down $2.78 during trading hours on Tuesday, hitting $143.44. 5,744,878 shares of the stock were exchanged, compared to its average volume of 5,644,091. The firm has a market capitalization of $186.42 billion, a P/E ratio of 80.13, a price-to-earnings-growth ratio of 6.93 and a beta of 2.69. The business has a 50-day moving average of $131.54 and a 200-day moving average of $111.18. Shopify Inc. has a fifty-two week low of $66.95 and a fifty-two week 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 analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business's quarterly revenue was up 31.1% on a year-over-year basis. During the same period last year, the company posted $0.26 earnings per share. As a group, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SHOP. Canaccord Genuity Group lifted their price objective on shares of Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Oppenheimer raised their price target on Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. JMP Securities boosted their target price on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research report on Thursday, August 7th. Arete reissued a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Finally, BMO Capital Markets lifted their price target on Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Twenty-four investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.27.

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.