Advisory Services Network LLC Decreases Holdings in Shopify Inc. $SHOP

Advisory Services Network LLC lessened its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 72,934 shares of the software maker’s stock after selling 3,322 shares during the period. Advisory Services Network LLC’s holdings in Shopify were worth $8,913,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of SHOP. Vanguard Group Inc. lifted its holdings in Shopify by 2.8% in the second quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock worth $5,688,053,000 after buying an additional 1,354,415 shares during the period. Norges Bank bought a new stake in shares of Shopify during the second quarter valued at approximately $1,794,952,000. Loomis Sayles & Co. L P grew its stake in Shopify by 1.3% in the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares during the period. Jennison Associates LLC raised its holdings in Shopify by 118.1% in the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after buying an additional 1,781,530 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

NASDAQ SHOP opened at $164.19 on Monday. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The stock has a 50-day moving average of $159.60 and a 200 day moving average of $140.02. The company has a market capitalization of $213.75 billion, a price-to-earnings ratio of 121.62, a PEG ratio of 6.10 and a beta of 2.82.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SHOP. DA Davidson lifted their target price on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Royal Bank Of Canada raised their price objective on Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Cantor Fitzgerald reissued a “neutral” rating and issued a $181.00 target price (up from $156.00) on shares of Shopify in a report on Wednesday, November 5th. DZ Bank upgraded Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Finally, KeyCorp lifted their price target on Shopify from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Hold” and a consensus target price 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.