Bayforest Capital Ltd Sells 1,992 Shares of Shopify Inc. $SHOP

Bayforest Capital Ltd trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 83.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 400 shares of the software maker’s stock after selling 1,992 shares during the quarter. Bayforest Capital Ltd’s holdings in Shopify were worth $38,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the 4th quarter worth approximately $30,000. Smithfield Trust Co raised its holdings in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after buying an additional 188 shares during the last quarter. Dagco Inc. bought a new stake in Shopify during the 1st quarter valued at $30,000. Cary Street Partners Investment Advisory LLC raised its holdings in Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker’s stock valued at $34,000 after buying an additional 165 shares during the last quarter. Finally, Accent Capital Management LLC bought a new stake in Shopify during the 1st quarter valued at $46,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of recent analyst reports. ATB Capital lowered shares of Shopify to a “sector perform” rating in a report on Thursday, August 7th. TD Securities upped their price target on shares of Shopify from $145.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. The Goldman Sachs Group upped their price target on shares of Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Evercore ISI upped their price target on shares of Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Finally, Benchmark reissued a “buy” rating and set a $140.00 price objective (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $150.27.

Shopify Price Performance

NASDAQ:SHOP opened at $143.38 on Friday. The firm’s 50-day moving average price is $133.77 and its 200-day moving average price is $112.03. The company has a market capitalization of $186.35 billion, a PE ratio of 80.10, a P/E/G ratio of 6.87 and a beta of 2.69. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $156.85.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company’s revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. Equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, 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.