Harvest Fund Management Co. Ltd Reduces Stock Position in Shopify Inc. $SHOP

Harvest Fund Management Co. Ltd cut its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 40.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 94,874 shares of the software maker’s stock after selling 63,962 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Shopify were worth $15,264,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Shopify by 65.5% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 158,514 shares of the software maker’s stock valued at $23,557,000 after buying an additional 62,743 shares in the last quarter. M&T Bank Corp increased its holdings in Shopify by 37.1% in the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock valued at $13,051,000 after buying an additional 21,945 shares in the last quarter. Triasima Portfolio Management inc. increased its holdings in Shopify by 11.0% in the fourth quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after buying an additional 18,028 shares in the last quarter. Assetmark Inc. increased its holdings in Shopify by 6.7% in the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock valued at $34,380,000 after buying an additional 13,415 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in Shopify by 286.6% in the fourth quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock valued at $81,889,000 after buying an additional 377,129 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SHOP. Robert W. Baird set a $150.00 price target on shares of Shopify in a research report on Wednesday, May 6th. TD Securities upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price target on the stock in a research report on Thursday, February 12th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $126.00 price target (down from $181.00) on shares of Shopify in a research report on Thursday, February 12th. BMO Capital Markets lowered their price target on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Finally, ATB Cormark Capital Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, February 10th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $116.04 on Friday. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The firm’s 50 day moving average price is $114.73 and its 200 day moving average price is $132.97. The firm has a market cap of $150.58 billion, a P/E ratio of 114.89, a price-to-earnings-growth ratio of 3.17 and a beta of 2.60.

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

About Shopify

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.