Baker Avenue Asset Management LP Lowers Stock Holdings in Shopify Inc. $SHOP

Baker Avenue Asset Management LP reduced its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 175,589 shares of the software maker’s stock after selling 14,488 shares during the period. Baker Avenue Asset Management LP’s holdings in Shopify were worth $26,094,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Financial Gravity Companies Inc. purchased a new stake in Shopify in the 2nd quarter worth $27,000. Rothschild Investment LLC lifted its stake in 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 buying an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC acquired a new stake in Shopify in the 3rd quarter worth about $27,000. Tradewinds Capital Management LLC boosted its holdings in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after buying an additional 100 shares during the last quarter. Finally, Coastline Trust Co purchased a new stake in Shopify during the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SHOP shares. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Stifel Nicolaus set a $175.00 price objective on Shopify in a report on Tuesday, November 4th. Barclays set a $140.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Scotiabank raised shares of Shopify from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $165.00 to $200.00 in a research note on Thursday, January 8th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $181.00 price objective (up previously from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the stock. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and an average price target of $171.61.

Shopify Trading Up 0.2%

Shopify stock opened at $137.89 on Friday. The company has a 50-day moving average price of $159.00 and a 200 day moving average price of $150.25. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a market cap of $179.51 billion, a P/E ratio of 102.14, a PEG ratio of 4.07 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. The business 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 forecast that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.