Baer Investment Advisory LLC Has $61,000 Position in Shopify Inc. $SHOP

Baer Investment Advisory LLC reduced its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 98.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 527 shares of the software maker’s stock after selling 31,157 shares during the period. Shopify accounts for approximately 0.1% of Baer Investment Advisory LLC’s investment portfolio, making the stock its 27th biggest position. Baer Investment Advisory LLC’s holdings in Shopify were worth $61,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SHOP. Nuveen LLC acquired a new position in shares of Shopify in the first quarter valued at $667,392,000. Jennison Associates LLC increased its holdings 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 valued at $504,209,000 after purchasing an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board boosted its position 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 valued at $565,504,000 after acquiring an additional 1,522,573 shares during the period. Mackenzie Financial Corp boosted its position 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 valued at $822,745,000 after acquiring an additional 1,426,406 shares during the period. Finally, Alliancebernstein L.P. boosted its position 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 valued at $530,336,000 after acquiring an additional 1,094,840 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 3.5%

SHOP opened at $172.95 on Monday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $174.74. The company has a 50-day simple moving average of $149.93 and a 200 day simple moving average of $124.40. The stock has a market capitalization of $224.78 billion, a price-to-earnings ratio of 96.62, a P/E/G ratio of 8.10 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping 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 firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the prior year, the business earned $0.26 earnings per share. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. Sell-side analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SHOP shares. BMO Capital Markets boosted their target price on shares of Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Citigroup boosted their target price on shares of Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Phillip Securities cut shares of Shopify from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, August 12th. The Goldman Sachs Group boosted their target price on shares of Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, Oppenheimer reissued an “outperform” rating and issued a $149.00 target price on shares of Shopify in a research report on Tuesday, September 30th. One investment 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 issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $153.30.

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.