State of Wisconsin Investment Board lowered its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 29.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,804 shares of the software maker’s stock after selling 20,031 shares during the period. State of Wisconsin Investment Board’s holdings in Shopify were worth $53,874,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in SHOP. First Trust Advisors LP increased its position in shares of Shopify by 15.6% in the first quarter. First Trust Advisors LP now owns 3,499 shares of the software maker’s stock worth $723,000 after acquiring an additional 472 shares in the last quarter. Berman Capital Advisors LLC increased its position in shares of Shopify by 16.4% in the fourth quarter. Berman Capital Advisors LLC now owns 327 shares of the software maker’s stock worth $368,000 after acquiring an additional 46 shares in the last quarter. First Foundation Advisors acquired a new stake in shares of Shopify in the fourth quarter worth $208,000. Benjamin F. Edwards & Company Inc. grew its holdings in Shopify by 35.1% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,009 shares of the software maker’s stock valued at $1,142,000 after purchasing an additional 262 shares in the last quarter. Finally, ExodusPoint Capital Management LP grew its holdings in Shopify by 117.9% during the 4th quarter. ExodusPoint Capital Management LP now owns 4,777 shares of the software maker’s stock valued at $5,407,000 after purchasing an additional 2,585 shares in the last quarter. 58.99% of the stock is owned by institutional investors.
A number of equities research analysts recently weighed in on the stock. CIBC lowered their price target on shares of Shopify from $1,644.50 to $1,325.00 and set a “neutral” rating for the company in a report on Monday, April 26th. Guggenheim set a $1,442.63 price objective on shares of Shopify and gave the company a “hold” rating in a research note on Sunday. Morgan Stanley increased their price objective on shares of Shopify from $1,300.00 to $1,400.00 and gave the company an “equal weight” rating in a research note on Thursday, April 29th. Robert W. Baird reduced their price objective on shares of Shopify from $1,600.00 to $1,550.00 in a research note on Friday, April 23rd. Finally, Susquehanna increased their price objective on shares of Shopify from $1,500.00 to $1,800.00 and gave the company a “positive” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $1,468.79.
Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, April 28th. The software maker reported $2.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $1.27. The company had revenue of $988.70 million for the quarter, compared to analysts’ expectations of $851.43 million. Shopify had a net margin of 46.67% and a return on equity of 6.52%. The business’s revenue was up 110.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. On average, equities research analysts forecast that Shopify Inc. will post 1.53 earnings per share for the current fiscal year.
Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company's platform provides merchants to run their business in various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, and access financing.
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