Shopify Inc. (NYSE:SHOP) is Strategy Capital LLC's 2nd Largest Position

Key Points

• Strategy Capital LLC reduced its stake in Shopify Inc. by 6.3% during the first quarter, selling over 114,000 shares and maintaining ownership of approximately 1.72 million shares.
• Recent changes among institutional investors show Nuveen LLC acquiring a new stake valued at roughly $667 million and Jennison Associates LLC increasing holdings by 324.3%.
• Analyst ratings for Shopify indicate a mix of outlooks, with the stock receiving a range of ratings from "sell" to "market outperform" and an average target price of $148.51.

Strategy Capital LLC cut its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 6.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,720,486 shares of the software maker's stock after selling 114,705 shares during the period. Shopify accounts for approximately 15.7% of Strategy Capital LLC's investment portfolio, making the stock its 2nd biggest holding. Strategy Capital LLC owned about 0.13% of Shopify worth $164,272,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SHOP. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the fourth quarter valued at $30,000. Smithfield Trust Co grew its holdings in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after buying an additional 165 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Shopify during the fourth quarter valued at $46,000. Finally, Accent Capital Management LLC purchased a new stake in shares of Shopify during the first quarter valued at $46,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 0.5%

Shares of Shopify stock traded up $0.79 during mid-day trading on Wednesday, hitting $150.09. The stock had a trading volume of 6,656,284 shares, compared to its average volume of 10,501,883. The firm has a 50-day moving average of $120.13 and a two-hundred day moving average of $108.72. Shopify Inc. has a 12-month low of $65.86 and a 12-month high of $156.85. The firm has a market cap of $194.72 billion, a P/E ratio of 96.83, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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 for the quarter, beating the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. 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 prior year, the company posted $0.26 EPS. The business's revenue for the quarter was up 31.1% on a year-over-year basis. Sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. TD Securities boosted their price objective on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Wells Fargo & Company upped their price target on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 price target on shares of Shopify in a report on Wednesday, June 11th. BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, KeyCorp reaffirmed an "overweight" rating and issued a $175.00 price target (up from $145.00) on shares of Shopify in a report on Thursday, August 7th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $148.51.

About Shopify

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.