Arrowstreet Capital Limited Partnership Has $977.96 Million Stock Position in Shopify Inc. $SHOP

Arrowstreet Capital Limited Partnership decreased its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 26.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,074,936 shares of the software maker’s stock after selling 2,237,416 shares during the quarter. Shopify accounts for about 0.6% of Arrowstreet Capital Limited Partnership’s investment portfolio, making the stock its 29th largest holding. Arrowstreet Capital Limited Partnership owned 0.47% of Shopify worth $977,964,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Aptus Capital Advisors LLC boosted its position in shares of Shopify by 2.6% in the 4th quarter. Aptus Capital Advisors LLC now owns 12,646 shares of the software maker’s stock valued at $2,036,000 after purchasing an additional 318 shares during the period. Arete Wealth Advisors LLC boosted its position in shares of Shopify by 1.4% in the 4th quarter. Arete Wealth Advisors LLC now owns 8,976 shares of the software maker’s stock valued at $1,444,000 after purchasing an additional 126 shares during the period. Cordoba Advisory Partners LLC acquired a new position in shares of Shopify in the 4th quarter valued at $457,000. Kestra Advisory Services LLC boosted its position in shares of Shopify by 11.7% in the 4th quarter. Kestra Advisory Services LLC now owns 96,913 shares of the software maker’s stock valued at $15,600,000 after purchasing an additional 10,149 shares during the period. Finally, Parkside Financial Bank & Trust boosted its position in shares of Shopify by 258.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,021 shares of the software maker’s stock valued at $164,000 after purchasing an additional 736 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SHOP shares. Jefferies Financial Group reiterated a “hold” rating and issued a $140.00 price target (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Truist Financial set a $150.00 price objective on Shopify and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Royal Bank Of Canada restated an “outperform” rating and set a $170.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Phillip Securities upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. Finally, DA Davidson decreased their price objective on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. 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.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify Trading Down 2.0%

Shares of NASDAQ SHOP opened at $108.24 on Friday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The firm has a market capitalization of $140.46 billion, a PE ratio of 107.17, a PEG ratio of 3.03 and a beta of 2.60. The business has a 50-day moving average price of $113.99 and a two-hundred day moving average price of $131.61.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Research analysts anticipate that Shopify Inc. will post 1.36 EPS 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.