Forum Financial Management LP Has $369,000 Holdings in Shopify Inc. $SHOP

Forum Financial Management LP trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 60.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,111 shares of the software maker’s stock after selling 4,729 shares during the quarter. Forum Financial Management LP’s holdings in Shopify were worth $369,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Shopify by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares in the last quarter. Norges Bank acquired a new stake in Shopify during the fourth quarter worth approximately $2,611,797,000. Invesco Ltd. grew its position in Shopify by 9.8% during the fourth quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after buying an additional 1,252,074 shares in the last quarter. Geode Capital Management LLC increased its stake in Shopify by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after acquiring an additional 737,892 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in Shopify by 9.1% in the 4th quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock valued at $1,627,352,000 after acquiring an additional 827,643 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. National Bank Financial cut their target price on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Barclays set a $126.00 target price on Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. 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 note on Tuesday, May 5th. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday, June 18th. Finally, Wells Fargo & Company dropped their price objective on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Price Performance

NASDAQ:SHOP opened at $114.18 on Wednesday. The firm’s 50 day simple moving average is $112.08 and its 200 day simple moving average is $127.41. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company has a market cap of $148.17 billion, a PE ratio of 113.05, a P/E/G ratio of 3.14 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (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%. Equities research analysts expect that Shopify Inc. will post 1.39 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.