Brookwood Investment Group LLC Cuts Stock Position in Shopify Inc. $SHOP

Brookwood Investment Group LLC cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,936 shares of the software maker’s stock after selling 603 shares during the period. Brookwood Investment Group LLC’s holdings in Shopify were worth $454,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Shopify by 1.9% during the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp increased its stake in shares of Shopify by 19.7% during 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 during the period. Nuveen LLC purchased a new stake in shares of Shopify during the first quarter worth approximately $667,392,000. Canada Pension Plan Investment Board increased its stake in shares of Shopify by 34.4% during 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 during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Shopify by 21.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock worth $539,382,000 after buying an additional 979,598 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SHOP shares. Arete restated a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. Stifel Nicolaus upped their target price on shares of Shopify from $110.00 to $150.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Citigroup upped their target price on shares of Shopify from $155.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. CIBC upped their target price on shares of Shopify from $145.00 to $185.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Finally, Evercore ISI upped their price target on Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.30.

Shopify Stock Up 1.2%

Shares of SHOP opened at $175.06 on Tuesday. The stock has a 50 day moving average price of $150.57 and a 200 day moving average price of $124.98. The company has a market capitalization of $227.52 billion, a price-to-earnings ratio of 97.80, a price-to-earnings-growth ratio of 8.10 and a beta of 2.72. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $176.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 earnings per share. On average, equities analysts anticipate that Shopify Inc. will post 1.12 EPS 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.