GFG Capital LLC Trims Position in Shopify Inc. $SHOP

Key Points

• GFG Capital LLC reduced its stake in Shopify Inc. by 92.5%, now holding only 450 shares after selling 5,535 shares during the second quarter.
• Several institutional investors, including Nuveen LLC and Jennison Associates LLC, have significantly increased their holdings in Shopify, with Jennison growing its position by 324.3% in the first quarter.
• Shopify's recent earnings report showed a quarterly revenue of $2.68 billion, which exceeded analysts' expectations of $2.55 billion and marked a 31.1% increase year-over-year.

GFG Capital LLC lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 92.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 450 shares of the software maker's stock after selling 5,535 shares during the period. GFG Capital LLC's holdings in Shopify were worth $52,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Nuveen LLC purchased a new stake in Shopify in the 1st quarter valued at about $667,392,000. Jennison Associates LLC grew its position in shares of Shopify by 324.3% during the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after buying an additional 4,036,326 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Shopify by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock worth $565,504,000 after buying an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of 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 in the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Shopify by 24.6% during the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker's stock worth $530,336,000 after buying an additional 1,094,840 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research analyst reports. Evercore ISI upped their price target on Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, August 8th. JPMorgan Chase & Co. upped their price target on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. National Bankshares upped their price target on Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. JMP Securities upped their price target on Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. Finally, Scotiabank reissued a "sector perform" rating and issued a $150.00 price objective (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $151.95.

Shopify Price Performance

Shopify stock opened at $166.43 on Thursday. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $169.69. The business has a 50 day simple moving average of $145.13 and a 200-day simple moving average of $118.40. The stock has a market capitalization of $216.30 billion, a PE ratio of 92.98, a price-to-earnings-growth ratio of 7.55 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the prior year, the business earned $0.26 earnings per share. The company's quarterly 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 year.

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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