Napean Trading & Investment Co Singapore PTE Ltd Cuts Stock Position in Shopify Inc. $SHOP

Key Points

• Napean Trading & Investment Co Singapore PTE Ltd reduced its holdings in Shopify Inc. by 40.3% in the first quarter, bringing their total to 60,816 shares valued at approximately $5.8 million.
• Shopify reported earnings of $0.35 per share for the last quarter, surpassing analysts' estimates, and its revenue rose 31.1% year-over-year, totaling $2.68 billion.
• Research analysts have raised their price targets for Shopify, with Bank of America setting a new target at $185.00 and Oppenheimer at $180.00, indicating strong bullish sentiment on the stock.

Napean Trading & Investment Co Singapore PTE Ltd lowered its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 40.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,816 shares of the software maker's stock after selling 40,993 shares during the period. Shopify accounts for 1.7% of Napean Trading & Investment Co Singapore PTE Ltd's holdings, making the stock its 22nd biggest position. Napean Trading & Investment Co Singapore PTE Ltd's holdings in Shopify were worth $5,807,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. NewEdge Advisors LLC raised its holdings in shares of Shopify by 40.5% in the first quarter. NewEdge Advisors LLC now owns 83,538 shares of the software maker's stock worth $7,974,000 after buying an additional 24,070 shares during the last quarter. Infusive Asset Management Inc. raised its holdings in shares of Shopify by 16.3% in the first quarter. Infusive Asset Management Inc. now owns 64,529 shares of the software maker's stock worth $6,158,000 after buying an additional 9,026 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Shopify by 6.0% in the first quarter. Integrated Wealth Concepts LLC now owns 39,742 shares of the software maker's stock worth $3,794,000 after buying an additional 2,251 shares during the last quarter. Eventide Asset Management LLC raised its holdings in shares of Shopify by 64.6% in the first quarter. Eventide Asset Management LLC now owns 11,050 shares of the software maker's stock worth $1,056,000 after buying an additional 4,338 shares during the last quarter. Finally, Banque Transatlantique SA raised its position in Shopify by 121.4% during the 1st quarter. Banque Transatlantique SA now owns 9,300 shares of the software maker's stock worth $819,000 after buying an additional 5,100 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Stifel Nicolaus raised their price target on shares of Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. raised their price target on shares of Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Bank of America raised their price target on shares of Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price target on shares of Shopify and gave the stock a "neutral" rating in a research report on Wednesday, August 27th. Finally, DA Davidson raised their price target on shares of Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a research report 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $150.27.

Shopify Price Performance

SHOP stock traded up $1.67 during midday trading on Friday, hitting $146.82. 5,726,597 shares of the stock traded hands, compared to its average volume of 10,059,485. The firm has a market cap of $190.82 billion, a P/E ratio of 94.72, a PEG ratio of 4.82 and a beta of 2.69. The stock's fifty day simple moving average is $130.92 and its 200-day simple moving average is $110.96. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85.

Shopify (NYSE: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, beating the consensus estimate of $0.29 by $0.06. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm's revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share. On average, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current 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.