BI Asset Management Fondsmaeglerselskab A S Trims Stock Position in Shopify Inc. $SHOP

BI Asset Management Fondsmaeglerselskab A S reduced its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 42.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 132,396 shares of the software maker’s stock after selling 99,343 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Shopify were worth $19,675,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SHOP. Financial Gravity Companies Inc. purchased a new position in Shopify during the 2nd quarter worth $27,000. Rothschild Investment LLC increased its stake in shares of Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares during the period. Heartwood Wealth Advisors LLC purchased a new position in Shopify during the third quarter worth about $27,000. Tradewinds Capital Management LLC lifted its position in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Finally, Estabrook Capital Management purchased a new stake in Shopify in the 2nd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.4%

Shopify stock opened at $111.24 on Friday. The firm has a market capitalization of $144.82 billion, a PE ratio of 82.40, a P/E/G ratio of 3.36 and a beta of 2.83. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The firm’s 50-day simple moving average is $155.28 and its 200 day simple moving average is $150.97.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on SHOP shares. Bank of America raised their price target on Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $181.00 price objective (up previously from $156.00) on shares of Shopify in a research report on Wednesday, November 5th. Benchmark restated a “buy” rating on shares of Shopify in a research report on Wednesday, December 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a report on Monday, December 29th. Finally, DZ Bank upgraded shares of Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Twenty-five investment analysts have rated the stock with a Buy rating and nineteen have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $171.70.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.