Forsta AP Fonden Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

Forsta AP Fonden cut its holdings in Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 7.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,900 shares of the software maker’s stock after selling 1,800 shares during the period. Forsta AP Fonden’s holdings in Shopify were worth $14,824,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Banco Santander S.A. boosted its position in shares of Shopify by 159.4% in the 1st quarter. Banco Santander S.A. now owns 12,368 shares of the software maker’s stock worth $8,361,000 after buying an additional 7,600 shares in the last quarter. Wealthsource Partners LLC boosted its position in shares of Shopify by 12.9% in the 1st quarter. Wealthsource Partners LLC now owns 664 shares of the software maker’s stock worth $449,000 after buying an additional 76 shares in the last quarter. Andesa Financial Management Inc. purchased a new position in Shopify in the 1st quarter valued at about $226,000. Lincoln National Corp lifted its holdings in Shopify by 1.3% in the 1st quarter. Lincoln National Corp now owns 2,690 shares of the software maker’s stock valued at $1,819,000 after purchasing an additional 35 shares in the last quarter. Finally, Brown Advisory Inc. lifted its holdings in Shopify by 6.8% in the 1st quarter. Brown Advisory Inc. now owns 581,823 shares of the software maker’s stock valued at $445,284,000 after purchasing an additional 37,044 shares in the last quarter. 62.60% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $40.81 on Friday. Shopify Inc. has a 52-week low of $29.72 and a 52-week high of $176.29. The company has a quick ratio of 11.17, a current ratio of 11.17 and a debt-to-equity ratio of 0.10. The company has a 50 day moving average of $41.35 and a two-hundred day moving average of $55.29.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last released its quarterly earnings results on Thursday, May 5th. The software maker reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). Shopify had a negative return on equity of 1.61% and a negative net margin of 38.01%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business posted $0.13 EPS. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. Sell-side analysts predict that Shopify Inc. will post -0.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SHOP shares. Robert W. Baird reduced their target price on shares of Shopify from $100.00 to $63.00 in a report on Friday, May 6th. Mizuho reduced their target price on shares of Shopify from $80.00 to $40.00 in a report on Friday, May 6th. Royal Bank of Canada reduced their target price on shares of Shopify from $100.00 to $80.00 and set an “outperform” rating on the stock in a report on Friday, May 6th. Wedbush reduced their target price on shares of Shopify from $63.00 to $53.80 in a report on Monday, May 9th. Finally, Wells Fargo & Company increased their price objective on shares of Shopify from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Thursday, July 28th. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, Shopify currently has an average rating of “Hold” and a consensus price target of $73.34.

Shopify Company Profile

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through 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, manage cash, payments and transactions, and access financing.

See Also

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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