EFG Asset Management North America Corp. Trims Stock Position in Shopify Inc. $SHOP

Key Points

• EFG Asset Management North America Corp. decreased its stake in Shopify Inc. by 27.7%, holding 30,695 shares valued at $2.93 million after selling 11,757 shares in the first quarter.
• Shopify's recent earnings report showed a 31.1% revenue increase year-over-year, with an EPS of $0.35 surpassing analysts' expectations of <$0.29.
• Several analysts have recently upgraded Shopify's stock rating, with price targets now ranging from $150.00 to $185.00, reflecting growing confidence in the company's performance.

EFG Asset Management North America Corp. reduced its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 27.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,695 shares of the software maker's stock after selling 11,757 shares during the period. EFG Asset Management North America Corp.'s holdings in Shopify were worth $2,931,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SHOP. Brighton Jones LLC raised its stake in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. Aptus Capital Advisors LLC raised its stake in shares of Shopify by 48.6% in the fourth quarter. Aptus Capital Advisors LLC now owns 9,004 shares of the software maker's stock valued at $957,000 after acquiring an additional 2,945 shares in the last quarter. Captrust Financial Advisors raised its stake in shares of Shopify by 5.4% in the fourth quarter. Captrust Financial Advisors now owns 30,660 shares of the software maker's stock valued at $3,260,000 after acquiring an additional 1,568 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in Shopify in the fourth quarter valued at $750,000. Finally, Cetera Investment Advisers lifted its holdings in Shopify by 3.8% during the 4th quarter. Cetera Investment Advisers now owns 258,786 shares of the software maker's stock worth $27,517,000 after buying an additional 9,490 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of SHOP traded up $1.67 during midday trading on Friday, reaching $146.82. 5,726,597 shares of the stock were exchanged, compared to its average volume of 10,059,485. The business's 50-day moving average price is $130.92 and its 200 day moving average price is $111.05. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85. The company has a market capitalization of $190.82 billion, a price-to-earnings ratio of 94.72, a PEG ratio of 4.82 and a beta of 2.69.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its 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. 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 in the previous year, the firm earned $0.26 earnings per share. The business's revenue was up 31.1% compared to the same quarter last year. As a group, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SHOP shares. Mizuho lifted their price target on Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. BMO Capital Markets lifted their price target on Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. UBS Group lifted their price target on Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. National Bankshares lifted their price target on Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, Benchmark reaffirmed a "buy" rating and set a $140.00 price target (up from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Twenty-four equities 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 MarketBeat, Shopify 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.