Moloney Securities Asset Management LLC Decreases Holdings in Shopify Inc. $SHOP

Moloney Securities Asset Management LLC reduced its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 90.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,881 shares of the software maker’s stock after selling 36,600 shares during the period. Moloney Securities Asset Management LLC’s holdings in Shopify were worth $448,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Nuveen LLC purchased a new position in shares of Shopify in the first quarter worth about $667,392,000. Jennison Associates LLC lifted its stake in shares of Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock worth $504,209,000 after buying an additional 4,036,326 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after buying an additional 1,522,573 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after buying an additional 1,426,406 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Shopify by 24.6% in the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock worth $530,336,000 after buying an additional 1,094,840 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. Benchmark reissued a “buy” rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Zacks Research upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. Robert W. Baird raised their price objective on shares of Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada raised their price objective on shares of Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Finally, National Bankshares raised their price objective on shares of Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.30.

Shopify Price Performance

Shares of SHOP opened at $172.95 on Friday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $174.74. The stock has a market cap of $224.78 billion, a PE ratio of 96.62, a P/E/G ratio of 8.10 and a beta of 2.72. The firm has a 50-day simple moving average of $149.93 and a two-hundred day simple moving average of $124.17.

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

About Shopify

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.