Shopify Inc. (NYSE:SHOP) Stock Holdings Lowered by Sienna Gestion

Key Points

• Sienna Gestion has reduced its holdings in Shopify Inc. by 6.2% in Q1, selling 3,400 shares, leaving it with 51,800 shares valued at approximately $4.79 million.
• Despite Sienna's reduction, other institutional investors such as Capital World Investors and Vanguard Group have increased their stakes, indicating continued interest in Shopify.
• Shopify's stock currently has a consensus rating of "Moderate Buy" with a price target of $148.51, while it reported better-than-expected earnings of $0.35 per share in its latest quarterly results.

Sienna Gestion reduced its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 51,800 shares of the software maker's stock after selling 3,400 shares during the quarter. Sienna Gestion's holdings in Shopify were worth $4,789,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Mather Group LLC. grew its position in shares of Shopify by 127.4% in the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after buying an additional 511 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in Shopify during the 1st quarter worth $382,000. GAMMA Investing LLC grew its position in Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after purchasing an additional 428 shares during the last quarter. Bessemer Group Inc. grew its position in Shopify by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after purchasing an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Shopify by 1.1% during the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after purchasing an additional 432 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on SHOP shares. Oppenheimer raised their price objective on shares of Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. raised their price objective on shares of Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Needham & Company LLC began coverage on shares of Shopify in a research note on Monday, July 14th. They issued a "buy" rating and a $135.00 target price for the company. JMP Securities raised their target price on shares of Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. Finally, Atb Cap Markets cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 6th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $148.51.

Shopify Price Performance

SHOP traded down $2.80 during trading on Friday, hitting $141.47. The company had a trading volume of 7,196,217 shares, compared to its average volume of 10,474,101. The company has a market cap of $183.54 billion, a PE ratio of 91.27, a P/E/G ratio of 4.82 and a beta of 2.63. The business has a 50-day moving average of $121.52 and a 200-day moving average of $109.14. Shopify Inc. has a 1-year low of $65.86 and a 1-year high of $156.85.

Shopify (NYSE: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 (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The firm's quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.26 earnings per share. Research analysts forecast that Shopify Inc. will post 1.12 earnings per share 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.