Allen Investment Management LLC Sells 36,860 Shares of Shopify Inc. $SHOP

Allen Investment Management LLC lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 686,988 shares of the software maker’s stock after selling 36,860 shares during the period. Shopify accounts for about 1.2% of Allen Investment Management LLC’s portfolio, making the stock its 22nd biggest position. Allen Investment Management LLC’s holdings in Shopify were worth $110,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its holdings in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares in the last quarter. AQR Capital Management LLC boosted its stake in Shopify by 107.3% during the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after purchasing an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after purchasing an additional 506 shares during the last quarter. Osterweis Capital Management Inc. acquired a new position in Shopify during the 2nd quarter valued at about $53,000. Finally, Main Street Financial Solutions LLC lifted its position in shares of Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after buying an additional 1,479 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 4.6%

Shopify stock opened at $124.12 on Tuesday. The company has a market capitalization of $161.06 billion, a PE ratio of 122.89, a P/E/G ratio of 3.33 and a beta of 2.64. The firm has a fifty day simple moving average of $114.75 and a two-hundred day simple moving average of $133.64. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SHOP shares. Benchmark lowered their price target on shares of Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Evercore set a $135.00 price objective on shares of Shopify in a research note on Wednesday, February 11th. Needham & Company LLC restated a “buy” rating and set a $180.00 price target on shares of Shopify in a research report on Tuesday, May 5th. Finally, ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, February 10th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $157.17.

Shopify 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.