Lord Abbett & CO. LLC cut its position in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 95.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,423,900 shares of the software maker’s stock after selling 33,107,912 shares during the period. Lord Abbett & CO. LLC’s holdings in Shopify were worth $229,207,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of the company. Sumitomo Life Insurance Co. raised its position in Shopify by 0.9% during the 4th quarter. Sumitomo Life Insurance Co. now owns 11,597 shares of the software maker’s stock valued at $1,867,000 after purchasing an additional 101 shares in the last quarter. Wealthspire Advisors LLC raised its position in Shopify by 14.5% during the 4th quarter. Wealthspire Advisors LLC now owns 20,360 shares of the software maker’s stock valued at $3,277,000 after purchasing an additional 2,572 shares in the last quarter. Atalanta Sosnoff Capital LLC raised its position in Shopify by 1.1% during the 4th quarter. Atalanta Sosnoff Capital LLC now owns 47,979 shares of the software maker’s stock valued at $7,723,000 after purchasing an additional 513 shares in the last quarter. Howland Capital Management LLC raised its position in Shopify by 12.8% during the 4th quarter. Howland Capital Management LLC now owns 5,456 shares of the software maker’s stock valued at $878,000 after purchasing an additional 619 shares in the last quarter. Finally, Castleark Management LLC raised its position in Shopify by 2.1% during the 4th quarter. Castleark Management LLC now owns 345,382 shares of the software maker’s stock valued at $55,596,000 after purchasing an additional 7,138 shares in the last quarter. 69.27% of the stock is owned by institutional investors.
Analyst Ratings Changes
SHOP has been the subject of a number of research analyst reports. Barclays set a $126.00 target price on Shopify and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. BMO Capital Markets decreased their target price on Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. DZ Bank raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Citizens Jmp decreased their target price on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $175.00 target price on shares of Shopify in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $157.17.
Shopify Trading Down 2.0%
SHOP opened at $108.24 on Friday. The firm has a market cap of $140.46 billion, a price-to-earnings ratio of 107.17, a PEG ratio of 3.10 and a beta of 2.60. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The stock has a fifty day moving average price of $113.99 and a 200-day moving average price of $131.61.
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last released its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping the consensus estimate of $0.22 by $998.78. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. On average, equities research analysts forecast that Shopify Inc. will post 1.36 EPS 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.
Read More
- Five stocks we like better than Shopify
- SpaceX Rings the Bell and Shatters Every Record
- Adobe Stock Just Got Cheaper—Is Wall Street Missing the Story?
- 3 Dividend Stocks Under $50 That Pay You to Wait Out Inflation
- The 127-Gigawatt Problem: Why AI Needs Its Own Power
Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP).
Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.
