Shopify Inc. (NYSE:SHOP) Shares Sold by Marcho Partners LLP

Key Points

• Marcho Partners LLP has reduced its stake in Shopify Inc. by 8.3% during the first quarter, now owning 251,247 shares valued at nearly $24 million.
• Several brokerages have increased their price targets for Shopify, with DA Davidson raising theirs to $185 and Citigroup to $195, reflecting a generally positive outlook from analysts.
• Shopify reported $2.68 billion in revenue for its latest quarter, surpassing estimates, with earnings per share of $0.35 exceeding forecasts by $0.06.

Marcho Partners LLP reduced its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 8.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 251,247 shares of the software maker's stock after selling 22,709 shares during the period. Shopify makes up about 8.8% of Marcho Partners LLP's portfolio, making the stock its 4th biggest holding. Marcho Partners LLP's holdings in Shopify were worth $23,989,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. Sagespring Wealth Partners LLC acquired a new position in Shopify in the 4th quarter valued at $547,000. Advisors Capital Management LLC acquired a new position in Shopify in the 4th quarter valued at $213,000. Savvy Advisors Inc. acquired a new position in Shopify in the 4th quarter valued at $392,000. Finally, Keystone Financial Group acquired a new position in Shopify in the 4th quarter valued at $258,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SHOP. DA Davidson lifted their price objective on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 price objective (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Wells Fargo & Company lifted their price objective on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Canaccord Genuity Group lifted their price objective on Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Citigroup boosted their price target on Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, August 8th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Price Performance

Shares of NYSE:SHOP opened at $149.30 on Wednesday. The business's 50-day moving average is $119.20 and its 200-day moving average is $108.43. Shopify Inc. has a 1 year low of $65.86 and a 1 year high of $156.85. The company has a market capitalization of $193.70 billion, a price-to-earnings ratio of 96.32, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The company's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 earnings per share. Analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.