BNP PARIBAS ASSET MANAGEMENT Holding S.A. Reduces Stock Holdings in Shopify Inc. $SHOP

Key Points

• BNP PARIBAS ASSET MANAGEMENT Holding S.A. has reduced its stake in Shopify Inc. by 10.5%, selling 163,140 shares and now owning 1,395,235 shares worth $133,243,000.
• Shopify's stock is currently trading at $141.47 with a market capitalization of $183.54 billion and has shown a 12-month high of $156.85.
• Analysts have recently upgraded their price targets for Shopify, with estimates reaching as high as $185.00 from various investment firms, indicating a positive outlook for the stock.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. lowered its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,395,235 shares of the software maker's stock after selling 163,140 shares during the quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned 0.11% of Shopify worth $133,243,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mather Group LLC. grew its holdings in shares of Shopify by 127.4% in the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after purchasing an additional 511 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Shopify in the 1st quarter worth $382,000. GAMMA Investing LLC lifted its holdings in shares of Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after buying an additional 428 shares during the period. Bessemer Group Inc. grew its position in shares of Shopify by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after buying an additional 38,616 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Shopify by 1.1% during the first quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after buying an additional 432 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Down 1.9%

NYSE SHOP opened at $141.47 on Monday. The stock has a market capitalization of $183.54 billion, a price-to-earnings ratio of 91.27, a PEG ratio of 4.82 and a beta of 2.63. The stock has a 50-day moving average of $121.52 and a 200 day moving average of $109.02. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share 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 during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the company posted $0.26 EPS. The business's quarterly revenue was up 31.1% on a year-over-year basis. Equities analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research reports. Truist Financial upped their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Bank of America boosted their price target on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. CIBC upped their target price on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, Jefferies Financial Group dropped their target price on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target 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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