QRG Capital Management Inc. Trims Stake in Shopify Inc. $SHOP

QRG Capital Management Inc. reduced its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 6.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,262 shares of the software maker’s stock after selling 277 shares during the quarter. QRG Capital Management Inc.’s holdings in Shopify were worth $492,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares during the period. GAMMA Investing LLC increased its position in shares of Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after acquiring an additional 428 shares during the period. Integrated Advisors Network LLC increased its position in shares of Shopify by 36.4% during the first quarter. Integrated Advisors Network LLC now owns 15,425 shares of the software maker’s stock worth $1,473,000 after acquiring an additional 4,117 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Shopify by 1.1% during the first quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker’s stock worth $3,694,000 after acquiring an additional 432 shares during the period. Finally, CX Institutional purchased a new position in shares of Shopify during the first quarter worth approximately $118,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 7.8%

Shares of SHOP opened at $151.02 on Friday. The company has a market cap of $196.27 billion, a price-to-earnings ratio of 84.37, a price-to-earnings-growth ratio of 7.67 and a beta of 2.72. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $169.69. The company has a 50 day moving average of $146.61 and a two-hundred day moving average of $119.06.

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

Analysts Set New Price Targets

SHOP has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a research report on Thursday, August 7th. National Bankshares raised their target price on shares of Shopify from $140.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Shopify in a research report on Wednesday. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 6th. Finally, Phillip Securities downgraded shares of Shopify from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, August 12th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $151.95.

Shopify Company Profile

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.