Jump Financial LLC Sells 50,703 Shares of Shopify Inc. $SHOP

Key Points

• Jump Financial LLC has reduced its stake in Shopify Inc. by 57.5%, owning 37,509 shares after selling 50,703 shares during the 1st quarter.
• Multiple analysts have revised their target prices for Shopify, with Morgan Stanley increasing it to $112.00 and Bank of America raising theirs to $185.00, reflecting a generally positive outlook on the stock.
• Shopify reported a quarterly revenue of $2.68 billion, exceeding analyst estimates, and achieved a year-over-year revenue growth of 31.1%.

Jump Financial LLC cut its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 57.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,509 shares of the software maker's stock after selling 50,703 shares during the quarter. Jump Financial LLC's holdings in Shopify were worth $3,581,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SHOP. Brighton Jones LLC lifted its position 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 buying an additional 584 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Shopify by 5.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 496,188 shares of the software maker's stock worth $52,761,000 after purchasing an additional 26,416 shares during the period. Kovitz Investment Group Partners LLC bought a new position in shares of Shopify during the fourth quarter worth approximately $371,000. Nebula Research & Development LLC bought a new position in shares of Shopify during the fourth quarter worth approximately $827,000. Finally, Coldstream Capital Management Inc. increased its stake in shares of Shopify by 19.0% during the fourth quarter. Coldstream Capital Management Inc. now owns 4,927 shares of the software maker's stock worth $524,000 after purchasing an additional 787 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 1.2%

SHOP traded up $1.65 during midday trading on Thursday, hitting $141.54. 6,322,015 shares of the company were exchanged, compared to its average volume of 10,210,580. The firm has a market capitalization of $183.95 billion, a P/E ratio of 91.32, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85. The firm's 50 day moving average price is $127.27 and its 200-day moving average price is $110.50.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its 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. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The business's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 EPS. On average, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on SHOP shares. Evercore ISI raised their price objective on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Wedbush raised their price objective on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Morgan Stanley raised their price objective on Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. The Goldman Sachs Group raised their price objective on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, ATB Capital lowered Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.