BI Asset Management Fondsmaeglerselskab A S Sells 10,095 Shares of Shopify Inc. $SHOP

BI Asset Management Fondsmaeglerselskab A S lessened its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 122,301 shares of the software maker’s stock after selling 10,095 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Shopify were worth $19,679,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Shopify by 1.5% in the 4th 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 period. Norges Bank acquired a new stake in Shopify in the fourth quarter valued at approximately $2,611,797,000. Geode Capital Management LLC boosted 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 valued at $2,043,365,000 after acquiring an additional 737,892 shares in the last quarter. TD Asset Management Inc boosted its stake in Shopify by 2.2% in the fourth quarter. TD Asset Management Inc now owns 8,713,762 shares of the software maker’s stock valued at $1,404,790,000 after acquiring an additional 185,252 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted 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 valued at $978,679,000 after acquiring an additional 213,315 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 5.6%

NASDAQ SHOP opened at $109.54 on Friday. The company has a fifty day simple moving average of $114.55 and a two-hundred day simple moving average of $132.80. The stock has a market cap of $142.15 billion, a P/E ratio of 108.46, a P/E/G ratio of 3.07 and a beta of 2.60. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The business had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. As a group, sell-side analysts forecast that Shopify Inc. will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SHOP shares. Canaccord Genuity Group lowered their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Wedbush lowered their target price on shares of Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, February 12th. DA Davidson lowered their target price on shares of Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. BMO Capital Markets lowered their target price on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday, May 6th. Finally, ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

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.