Fisher Asset Management LLC Lowers Stake in Shopify Inc. $SHOP

Fisher Asset Management LLC lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 94.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,352 shares of the software maker’s stock after selling 381,130 shares during the quarter. Fisher Asset Management LLC’s holdings in Shopify were worth $2,578,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Rothschild Investment LLC raised its holdings in Shopify by 47.5% during the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Prosperity Consulting Group LLC increased its position in Shopify by 1.5% during the 2nd quarter. Prosperity Consulting Group LLC now owns 6,011 shares of the software maker’s stock worth $693,000 after purchasing an additional 90 shares during the period. Hummer Financial Advisory Services Inc raised its stake in shares of Shopify by 3.8% during the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after buying an additional 95 shares in the last quarter. Lakeridge Wealth Management LLC lifted its holdings in shares of Shopify by 1.5% in the 2nd quarter. Lakeridge Wealth Management LLC now owns 6,656 shares of the software maker’s stock valued at $768,000 after buying an additional 97 shares during the period. Finally, SouthState Corp lifted its holdings in shares of Shopify by 3.7% in the 2nd quarter. SouthState Corp now owns 2,768 shares of the software maker’s stock valued at $319,000 after buying an additional 99 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. CIBC reiterated an “outperform” rating on shares of Shopify in a research report on Wednesday, November 5th. Wedbush reaffirmed an “outperform” rating and set a $185.00 price objective (up from $160.00) on shares of Shopify in a report on Tuesday, November 4th. Truist Financial set a $155.00 target price on Shopify and gave the stock a “hold” rating in a research report on Tuesday, November 4th. BMO Capital Markets raised their price target on Shopify from $180.00 to $190.00 and gave the company an “outperform” rating in a research report on Wednesday, November 5th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a research note on Thursday. Twenty-two analysts have rated the stock with a Buy rating and twenty-four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Shopify has a consensus rating of “Hold” and an average price target of $166.53.

Shopify Trading Down 0.8%

Shopify stock opened at $161.08 on Friday. The stock has a 50-day moving average price of $158.48 and a 200 day moving average price of $137.48. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The stock has a market cap of $209.70 billion, a PE ratio of 119.32, a P/E/G ratio of 6.03 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, equities analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

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.