Assenagon Asset Management S.A. Has $4.63 Million Position in Shopify Inc. $SHOP

Assenagon Asset Management S.A. lessened its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 94.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 39,167 shares of the software maker’s stock after selling 638,344 shares during the period. Assenagon Asset Management S.A.’s holdings in Shopify were worth $4,633,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SHOP. M&T Bank Corp lifted its holdings in Shopify by 37.1% during the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock worth $13,051,000 after acquiring an additional 21,945 shares during the period. Triasima Portfolio Management inc. grew its stake in Shopify by 11.0% in the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after purchasing an additional 18,028 shares during the period. Assetmark Inc. increased its position in shares of Shopify by 6.7% during the 4th quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock valued at $34,380,000 after purchasing an additional 13,415 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Shopify by 286.6% during the 4th quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock valued at $81,889,000 after purchasing an additional 377,129 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Shopify by 12.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock worth $84,689,000 after purchasing an additional 59,745 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on SHOP shares. Piper Sandler restated an “overweight” rating and set a $150.00 price target (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $175.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Jefferies Financial Group reissued a “hold” rating and set a $140.00 target price (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Finally, Canaccord Genuity Group decreased their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Down 2.3%

Shares of NASDAQ:SHOP opened at $114.21 on Tuesday. The firm has a market capitalization of $148.21 billion, a PE ratio of 113.08, a P/E/G ratio of 3.21 and a beta of 2.60. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The company has a 50-day moving average price of $112.42 and a two-hundred day moving average price of $127.79.

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, beating the consensus estimate of $0.22 by $998.78. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Analysts anticipate that Shopify Inc. will post 1.39 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.