Fisher Asset Management LLC Trims Stock Position in Shopify Inc. $SHOP

Fisher Asset Management LLC decreased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 94.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 22,352 shares of the software maker’s stock after selling 381,130 shares during the period. Fisher Asset Management LLC’s holdings in Shopify were worth $2,578,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SHOP. Mirae Asset Global Investments Co. Ltd. grew its position in Shopify by 171.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after acquiring an additional 267,271 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Shopify by 4.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after buying an additional 218,829 shares during the period. Oppenheimer Asset Management Inc. grew its stake in shares of Shopify by 9.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock valued at $46,185,000 after buying an additional 35,113 shares in the last quarter. ARK Investment Management LLC raised its holdings in shares of Shopify by 13.6% during the 2nd quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock valued at $582,461,000 after buying an additional 605,283 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Shopify by 2.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,622,495 shares of the software maker’s stock worth $301,869,000 after acquiring an additional 67,260 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

NASDAQ SHOP opened at $161.08 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The company has a 50-day simple moving average of $158.48 and a 200-day simple moving average of $137.48. The firm has a market capitalization of $209.70 billion, a PE ratio of 119.32, a price-to-earnings-growth ratio of 6.03 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. Equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SHOP shares. Canaccord Genuity Group lifted their price objective on shares of Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Oppenheimer reaffirmed an “outperform” rating on shares of Shopify in a report on Monday. UBS Group set a $195.00 price objective on shares of Shopify in a report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $181.00 price objective (up from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. Finally, Royal Bank Of Canada raised their target price on Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $166.53.

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.