Shopify Inc. $SHOP Stock Position Lowered by Diker Management LLC

Key Points

• Diker Management LLC has reduced its stake in Shopify Inc. by 25% in the first quarter, now holding 15,000 shares, which constitutes approximately 1.7% of their portfolio.
• During the same period, other institutional investors like Nuveen LLC, Jennison Associates LLC, and Canada Pension Plan Investment Board have also increased their investments in Shopify, reflecting growing interest among institutions.
• Shopify reported $2.68 billion in revenue for the latest quarter, exceeding analyst expectations, with earnings per share (EPS) of $0.35, above the anticipated $0.29.

Diker Management LLC cut its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 25.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,000 shares of the software maker's stock after selling 5,000 shares during the quarter. Shopify makes up approximately 1.7% of Diker Management LLC's portfolio, making the stock its 5th largest holding. Diker Management LLC's holdings in Shopify were worth $1,432,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Shopify in the first quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board grew its position in shares of Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after purchasing an additional 1,522,573 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after purchasing an additional 979,598 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

NASDAQ:SHOP traded down $1.65 during trading hours on Friday, reaching $143.38. 4,910,276 shares of the company were exchanged, compared to its average volume of 5,435,396. The firm has a market cap of $186.35 billion, a price-to-earnings ratio of 80.10, a PEG ratio of 6.87 and a beta of 2.69. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $156.85. The stock has a 50 day simple moving average of $133.77 and a 200 day simple moving average of $112.04.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. Shopify's revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 earnings per share. On average, analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research reports. Benchmark reiterated a "buy" rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. KeyCorp restated an "overweight" rating and set a $175.00 target price (up previously from $145.00) on shares of Shopify in a research report on Thursday, August 7th. Bank of America raised their target price 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. Truist Financial raised their target price on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Finally, UBS Group raised their target price on shares of Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research report 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 given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $150.27.

Shopify 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.