Shopify Inc. (NYSE:SHOP) Shares Sold by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management L.P. reduced its stake in Shopify Inc. by 2.2%, owning 111,857 shares worth approximately $10.68 million after selling 2,565 shares in Q1.
• Several institutional investors increased their positions in Shopify, with Jennison Associates LLC boosting holdings by 324.3% to over 5.28 million shares valued at $504.2 million.
• Shopify reported earnings of $0.35 per share for the latest quarter, exceeding expectations, with revenue reaching $2.68 billion, a 31.1% increase year-over-year.

Tocqueville Asset Management L.P. cut its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 111,857 shares of the software maker's stock after selling 2,565 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in Shopify were worth $10,680,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nuveen LLC purchased a new position in Shopify during the 1st quarter valued at about $667,392,000. Jennison Associates LLC boosted its holdings in Shopify by 324.3% during the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares during the period. Durable Capital Partners LP boosted its holdings in Shopify by 86.9% during the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after acquiring an additional 1,836,294 shares during the period. Mackenzie Financial Corp boosted its holdings in Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after acquiring an additional 1,426,406 shares during the period. Finally, Voloridge Investment Management LLC purchased a new position in Shopify during the 4th quarter valued at about $125,334,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NYSE:SHOP opened at $141.47 on Friday. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The business has a 50-day moving average of $121.52 and a two-hundred day moving average of $109.09. The stock has a market capitalization of $183.54 billion, a P/E ratio of 91.27, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.00% and a net margin of 22.74%. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the previous year, the firm earned $0.26 EPS. The firm's revenue was up 31.1% compared to the same quarter last year. As a group, research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Phillip Securities cut Shopify from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 12th. Stifel Nicolaus lifted their price objective on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Benchmark reiterated a "buy" rating and issued a $140.00 price objective (up previously from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Wedbush lifted their price objective on Shopify from $115.00 to $160.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Truist Financial lifted their price objective on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $148.51.

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.

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