Shopify Inc. $SHOP Stake Cut by Scge Management L.P.

Key Points

• Scge Management L.P. reduced its stake in Shopify Inc. by 8.0%, now holding approximately 3.39 million shares worth $323.3 million.
• Institutional investors, including Vanguard Group Inc. and Canada Pension Plan Investment Board, have increased their holdings in Shopify, reflecting a growing institutional interest.
• Shopify reported a strong earnings quarter with earnings per share of $0.35, surpassing estimates, and a revenue growth of 31.1% year-over-year.

Scge Management L.P. trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 8.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,386,000 shares of the software maker's stock after selling 296,000 shares during the period. Shopify makes up approximately 9.3% of Scge Management L.P.'s holdings, making the stock its 3rd largest position. Scge Management L.P. owned approximately 0.26% of Shopify worth $323,295,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Fourth Dimension Wealth LLC purchased a new position in Shopify during the fourth quarter valued at $30,000. Smithfield Trust Co increased its holdings in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. purchased a new position in shares of Shopify in the 1st quarter worth about $30,000. Cary Street Partners Investment Advisory LLC boosted its stake in Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after purchasing an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new stake in Shopify during the 1st quarter valued at about $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of several analyst reports. The Goldman Sachs Group raised their price target on shares of Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Wedbush lifted their target price on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Citigroup boosted their price target on Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. BMO Capital Markets increased their price objective on Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, UBS Group upped their target price on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $150.27.

Shopify Stock Down 1.9%

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

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify's revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.26 EPS. Equities research analysts expect that Shopify Inc. will post 1.12 EPS 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.