Hsbc Holdings PLC Sells 481,205 Shares of Shopify Inc. $SHOP

Hsbc Holdings PLC cut its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 56.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 378,548 shares of the software maker’s stock after selling 481,205 shares during the period. Hsbc Holdings PLC’s holdings in Shopify were worth $61,204,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Kingdom Financial Group LLC. bought a new stake in shares of Shopify during the fourth quarter valued at approximately $26,000. Curio Wealth LLC purchased a new position in shares of Shopify in the fourth quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Shopify during the fourth quarter worth $29,000. Lodestone Wealth Management LLC bought a new position in shares of Shopify during the fourth quarter worth $31,000. Finally, Sound Income Strategies LLC boosted its position in shares of Shopify by 82.4% during the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after acquiring an additional 89 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SHOP. Citigroup reiterated a “market outperform” rating on shares of Shopify in a report on Thursday. Robert W. Baird set a $150.00 price objective on shares of Shopify in a report on Wednesday, May 6th. Jefferies Financial Group restated a “hold” rating and set a $140.00 price objective (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $170.00 target price on shares of Shopify in a report on Wednesday, May 6th. Finally, Wells Fargo & Company decreased their target price on Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.17.

Shopify Stock Down 0.8%

Shopify stock opened at $107.98 on Tuesday. The company has a market cap of $140.12 billion, a price-to-earnings ratio of 106.91, a PEG ratio of 2.99 and a beta of 2.60. The firm’s fifty day moving average is $113.08 and its 200 day moving average is $129.46. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, beating the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. On average, equities research analysts anticipate that Shopify Inc. will post 1.39 earnings per share for the current fiscal 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.