Shopify Inc. $SHOP Stock Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. cut its Shopify stake by 23.2% in the third quarter, selling 21,925 shares and retaining 72,709 shares valued at about $10.84 million.
• Shopify reported quarterly EPS of $0.49, beating the $0.33 analyst consensus, while revenue rose 31.6% year over year to $3.74 billion.
• Analysts maintain a consensus “Moderate Buy” rating with a $178.82 price target; Oppenheimer raised its target to $205.

Candriam S.C.A. lessened its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 23.2% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 72,709 shares of the software maker's stock after selling 21,925 shares during the period. Candriam S.C.A.'s holdings in Shopify were worth $10,841,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Fortitude Family Office LLC bought a new stake in Shopify during the third quarter worth $29,000. MADDEN SECURITIES Corp bought a new position in Shopify in the 3rd quarter valued at $30,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at $32,000. Graney & King LLC purchased a new stake in shares of Shopify during the 1st quarter valued at $27,000. Finally, Trellis Wealth Advisors LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at $37,000. 69.27% of the stock is owned by institutional investors.

Shopify Trading Up 2.1%

Shares of SHOP stock opened at $152.06 on Tuesday. The firm's 50 day moving average is $152.50 and its 200 day moving average is $130.14. The stock has a market capitalization of $195.65 billion, a P/E ratio of 92.72, a PEG ratio of 3.10 and a beta of 2.65. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $180.88.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.16. The business had revenue of $3.74 billion for the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. The company's revenue was up 31.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 EPS. On average, equities analysts predict that Shopify Inc. will post 1.47 EPS for the current year.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of research analyst reports. Oppenheimer reissued an "outperform" rating and issued a $205.00 price target (up from $175.00) on shares of Shopify in a report on Friday, October 23rd. Mizuho set a $180.00 price objective on shares of Shopify in a report on Thursday, September 24th. KeyCorp lifted their price objective on shares of Shopify from $180.00 to $185.00 and gave the stock an "overweight" rating in a research report on Monday, November 2nd. Citizens Jmp boosted their target price on shares of Shopify from $150.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, August 6th. Finally, Canaccord Genuity Group set a $180.00 target price on shares of Shopify and gave the company a "buy" rating in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus price target of $178.82.

About Shopify

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.

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