Fox Hill Wealth Management Has $250,000 Position in Shopify Inc. $SHOP

Fox Hill Wealth Management reduced its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 98.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,556 shares of the software maker’s stock after selling 135,992 shares during the quarter. Fox Hill Wealth Management’s holdings in Shopify were worth $250,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in 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 last quarter. Norges Bank acquired a new position in shares of Shopify during the fourth quarter worth approximately $2,611,797,000. Geode Capital Management LLC lifted its holdings in shares of Shopify by 6.2% during 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 buying an additional 737,892 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Shopify by 2.2% during the fourth quarter. TD Asset Management Inc now owns 8,713,762 shares of the software maker’s stock worth $1,404,790,000 after buying an additional 185,252 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Shopify by 3.3% during 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 buying an additional 213,315 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wedbush cut their price target on Shopify from $185.00 to $160.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Wells Fargo & Company cut their price target on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Citigroup cut their price target on Shopify from $163.00 to $156.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Canaccord Genuity Group cut their price target on Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $126.00 price objective (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.17.

Shopify Trading Up 2.1%

SHOP opened at $110.47 on Friday. The stock has a market cap of $143.35 billion, a PE ratio of 109.38, a P/E/G ratio of 3.03 and a beta of 2.60. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The stock’s 50 day simple moving average is $114.20 and its 200-day simple moving average is $131.77.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Equities analysts forecast that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

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.