Townsquare Capital LLC Trims Position in Shopify Inc. $SHOP

Townsquare Capital LLC lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 69.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,256 shares of the software maker’s stock after selling 23,618 shares during the period. Townsquare Capital LLC’s holdings in Shopify were worth $1,524,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC grew its stake in shares of Shopify by 1.7% in the third quarter. Twin Peaks Wealth Advisors LLC now owns 3,448 shares of the software maker’s stock valued at $512,000 after buying an additional 59 shares in the last quarter. Accurate Wealth Management LLC boosted its holdings in Shopify by 2.0% in the 3rd quarter. Accurate Wealth Management LLC now owns 3,438 shares of the software maker’s stock worth $526,000 after acquiring an additional 67 shares during the period. Rothschild Investment LLC boosted its holdings in Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares during the period. Sivia Capital Partners LLC grew its position in Shopify by 0.9% in the third quarter. Sivia Capital Partners LLC now owns 8,265 shares of the software maker’s stock valued at $1,228,000 after acquiring an additional 75 shares in the last quarter. Finally, Strategic Advisors LLC raised its stake in shares of Shopify by 0.3% during the third quarter. Strategic Advisors LLC now owns 28,785 shares of the software maker’s stock valued at $4,278,000 after purchasing an additional 76 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on SHOP shares. JPMorgan Chase & Co. upped their target price on shares of Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. KeyCorp upped their price objective on shares of Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Raymond James Financial reaffirmed a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. Scotiabank raised Shopify from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $165.00 to $200.00 in a report on Thursday, January 8th. Finally, National Bankshares raised their price objective on Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Twenty-four analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $171.61.

Shopify Trading Up 3.4%

SHOP stock opened at $143.64 on Friday. The firm’s 50-day moving average is $158.71 and its two-hundred day moving average is $150.96. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The company has a market capitalization of $187.00 billion, a price-to-earnings ratio of 106.40, a price-to-earnings-growth ratio of 4.11 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released 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. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify Company 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.