Bayforest Capital Ltd Lowers Stock Position in Shopify Inc. $SHOP

Key Points

• Bayforest Capital Ltd significantly reduced its stake in Shopify Inc. by 83.3%, selling 1,992 shares to hold only 400 shares, valued at $38,000.
• Shopify's earnings exceeded expectations, reporting $0.35 earnings per share against a predicted $0.29, with a revenue of $2.68 billion for the quarter.
• Analysts have primarily maintained a buy rating on Shopify, with several firms raising their price targets, forecasting healthy growth and a consensus target price of $150.27.

Bayforest Capital Ltd trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 83.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400 shares of the software maker's stock after selling 1,992 shares during the quarter. Bayforest Capital Ltd's holdings in Shopify were worth $38,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Legacy Advisory Services LLC bought a new stake in Shopify during the 1st quarter worth approximately $522,000. Zurich Insurance Group Ltd FI bought a new stake in Shopify during the 1st quarter worth approximately $31,970,000. Mather Group LLC. grew its holdings in Shopify by 127.4% during the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after acquiring an additional 511 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in Shopify during the 1st quarter worth approximately $382,000. Finally, Ascent Group LLC bought a new stake in Shopify during the 1st quarter worth approximately $513,000. 69.27% of the stock is owned by institutional investors.

Shopify Trading Up 3.1%

Shares of SHOP stock traded up $4.51 during trading hours on Monday, reaching $147.89. The stock had a trading volume of 6,709,639 shares, compared to its average volume of 5,321,033. The stock's fifty day simple moving average is $134.39 and its 200 day simple moving average is $112.29. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $156.85. The firm has a market capitalization of $192.21 billion, a PE ratio of 82.62, a PEG ratio of 6.79 and a beta of 2.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the business earned $0.26 earnings per share. Shopify's revenue was up 31.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of analyst reports. Truist Financial upped their price objective on shares of Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Scotiabank restated a "sector perform" rating and set a $150.00 price objective (up previously from $115.00) on shares of Shopify in a report on Thursday, August 7th. Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price for the company. in a report on Tuesday, July 22nd. Phillip Securities downgraded shares of Shopify from a "moderate buy" rating to a "hold" rating in a report on Tuesday, August 12th. Finally, National Bankshares raised their price objective on shares of Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $150.27.

Shopify 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.