Shopify Inc. $SHOP Shares Sold by Sandler Capital Management

Key Points

• Sandler Capital Management has reduced its position in Shopify Inc. by 86.4% during the first quarter, owning 19,795 shares valued at approximately $1.89 million.
• Shopify reported earnings of $0.35 per share for the last quarter, beating expectations and showing a 31.1% increase in revenue year-over-year.
• Wall Street analysts have revised their price targets for Shopify, with KeyCorp setting a new target of $175.00, reflecting increasing optimism about the stock's performance.

Sandler Capital Management lessened its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 86.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,795 shares of the software maker's stock after selling 125,928 shares during the period. Sandler Capital Management's holdings in Shopify were worth $1,890,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Fourth Dimension Wealth LLC purchased a new stake in Shopify in the fourth quarter valued at approximately $30,000. Smithfield Trust Co grew its holdings in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares during the period. Dagco Inc. purchased a new stake in Shopify in the first quarter valued at approximately $30,000. Cary Street Partners Investment Advisory LLC grew its holdings in Shopify by 86.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in Shopify in the first quarter valued at approximately $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Down 1.9%

SHOP traded down $2.78 during trading on Tuesday, hitting $143.44. 5,744,878 shares of the company's stock were exchanged, compared to its average volume of 5,644,091. The stock has a 50 day moving average price of $132.15 and a 200 day moving average price of $111.40. Shopify Inc. has a 1 year low of $66.95 and a 1 year high of $156.85. The firm has a market cap of $186.42 billion, a P/E ratio of 80.13, a price-to-earnings-growth ratio of 6.93 and a beta of 2.69.

Shopify (NASDAQ: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 net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same period in the previous year, the company posted $0.26 earnings per share. The business's revenue for the quarter was up 31.1% compared to the same quarter last year. Analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the company a "neutral" rating in a report on Wednesday, August 27th. Evercore ISI boosted their target price on shares of Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, August 8th. UBS Group boosted their target price on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Oppenheimer boosted their target price on shares of Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Arete Research upgraded shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Twenty-four investment 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. According to MarketBeat, Shopify currently has an average 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.