Shopify Inc. $SHOP Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in Shopify Inc. by 6.8%, owning 421,958 shares worth $40.29 million after selling 30,965 shares in the first quarter.
• Shopify reported an EPS of $0.35 for the last quarter, exceeding estimates and achieving a revenue increase of 31.1% year-over-year, totaling $2.68 billion.
• Analysts have adjusted their price targets for Shopify, with ratings indicating a Moderate Buy and a consensus target price of $148.51 from twenty-four analysts.

Kayne Anderson Rudnick Investment Management LLC decreased its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 421,958 shares of the software maker's stock after selling 30,965 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC's holdings in Shopify were worth $40,289,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Mather Group LLC. increased 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 purchasing an additional 511 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in shares of Shopify during the first quarter worth $382,000. GAMMA Investing LLC grew its stake in shares of Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after acquiring an additional 428 shares during the last quarter. Bessemer Group Inc. increased its stake in Shopify by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after purchasing an additional 38,616 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after acquiring an additional 432 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent research reports. TD Securities upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. ATB Capital downgraded shares of Shopify to a "sector perform" rating in a report on Thursday, August 7th. Arete Research raised Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Cantor Fitzgerald set a $156.00 price target on Shopify and gave the company a "neutral" rating in a report on Wednesday. Finally, Barclays lifted their price target on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research report on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Stock Up 1.2%

NYSE:SHOP traded up $1.65 during midday trading on Thursday, reaching $141.54. The stock had a trading volume of 6,322,015 shares, compared to its average volume of 10,210,580. The stock has a market cap 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 12-month low of $65.86 and a 12-month high of $156.85. The firm has a fifty day simple moving average of $126.56 and a two-hundred day simple moving average of $110.35.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating 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 firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the business earned $0.26 earnings per share. The company's revenue for the quarter was up 31.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.