Munro Partners Trims Stake in Shopify Inc. $SHOP

Munro Partners reduced its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 392,935 shares of the software maker’s stock after selling 16,960 shares during the period. Shopify comprises 1.6% of Munro Partners’ holdings, making the stock its 21st largest position. Munro Partners’ holdings in Shopify were worth $63,251,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Rakuten Investment Management Inc. boosted its stake in Shopify by 365.9% during the fourth quarter. Rakuten Investment Management Inc. now owns 65,992 shares of the software maker’s stock worth $11,079,000 after buying an additional 51,828 shares during the last quarter. 71 West Capital Partners purchased a new stake in shares of Shopify in the 4th quarter valued at $921,000. SurgoCap Partners LP purchased a new stake in shares of Shopify in the 4th quarter valued at $56,039,000. Alberta Investment Management Corp purchased a new stake in Shopify during the 4th quarter worth about $94,694,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Shopify during the 4th quarter worth about $936,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $112.49 on Tuesday. The business’s fifty day moving average price is $113.88 and its two-hundred day moving average price is $131.13. The stock has a market cap of $145.97 billion, a PE ratio of 111.38, a price-to-earnings-growth ratio of 3.03 and a beta of 2.60. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. As a group, equities research analysts predict that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. UBS Group reaffirmed a “neutral” rating on shares of Shopify in a research report on Thursday, May 28th. BMO Capital Markets decreased their price objective on Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Wells Fargo & Company decreased their price objective on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Citigroup decreased their price objective on Shopify from $163.00 to $156.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Finally, Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $157.17.

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.