Baker Avenue Asset Management LP Sells 9,512 Shares of Shopify Inc. $SHOP

Baker Avenue Asset Management LP lowered its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 190,077 shares of the software maker’s stock after selling 9,512 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Shopify were worth $21,925,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in SHOP. Family Legacy Financial Solutions LLC acquired a new stake in Shopify in the 2nd quarter valued at $25,000. Rothschild Investment LLC grew its holdings in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Financial Gravity Companies Inc. acquired a new stake in shares of Shopify in the second quarter valued at about $27,000. Tradewinds Capital Management LLC raised its holdings in Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares in the last quarter. Finally, Coastline Trust Co bought a new stake in Shopify during the second quarter worth about $29,000. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $161.08 on Monday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The stock has a market capitalization of $209.70 billion, a price-to-earnings ratio of 119.32, a price-to-earnings-growth ratio of 5.98 and a beta of 2.82. The company’s 50 day simple moving average is $158.48 and its 200 day simple moving average is $137.94.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $2.84 billion during 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%. As a group, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Raymond James Financial restated a “market perform” rating on shares of Shopify in a report on Monday, December 1st. Barclays set a $140.00 price objective on shares of Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Stifel Nicolaus set a $175.00 target price on shares of Shopify in a research note on Tuesday, November 4th. Robert W. Baird lifted their price target on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Finally, Canaccord Genuity Group upped their price objective on Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $166.53.

Shopify 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.