Baker Avenue Asset Management LP Reduces Stake in Shopify Inc. $SHOP

Baker Avenue Asset Management LP lowered its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,864 shares of the software maker’s stock after selling 5,725 shares during the period. Baker Avenue Asset Management LP’s holdings in Shopify were worth $27,343,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after purchasing an additional 743,803 shares during the last quarter. Geode Capital Management LLC lifted its stake in Shopify by 6.2% in the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after purchasing an additional 737,892 shares during the last quarter. TD Asset Management Inc lifted its stake in Shopify by 1.4% in the third quarter. TD Asset Management Inc now owns 8,528,510 shares of the software maker’s stock worth $1,267,327,000 after purchasing an additional 118,836 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Shopify by 3.3% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,588,934 shares of the software maker’s stock worth $978,679,000 after purchasing an additional 213,315 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Shopify by 2.6% in the fourth quarter. Legal & General Group Plc now owns 6,349,261 shares of the software maker’s stock worth $1,023,638,000 after purchasing an additional 160,376 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SHOP. Wells Fargo & Company decreased their price objective on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Jefferies Financial Group reissued a “hold” rating and issued a $140.00 price objective (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. DZ Bank raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 16th. KeyCorp reissued an “overweight” rating and issued a $160.00 price objective on shares of Shopify in a research note on Wednesday, February 11th. Finally, Stifel Nicolaus set a $115.00 price target on shares of Shopify and gave the company a “hold” rating in a research note on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $157.17.

Shopify Stock Performance

Shopify stock opened at $106.60 on Thursday. The company has a 50 day moving average price of $115.07 and a 200-day moving average price of $134.43. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The company has a market capitalization of $138.33 billion, a PE ratio of 105.55, a P/E/G ratio of 2.94 and a beta of 2.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. On average, analysts forecast that Shopify Inc. will post 1.36 earnings per share for the current year.

Shopify Company Profile

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.