ING Groep NV Trims Position in Shopify Inc. $SHOP

ING Groep NV reduced its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 49.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,657 shares of the software maker’s stock after selling 26,865 shares during the period. ING Groep NV’s holdings in Shopify were worth $4,452,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Moloney Securities Asset Management LLC raised its holdings in Shopify by 1.8% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 3,951 shares of the software maker’s stock valued at $587,000 after buying an additional 70 shares during the period. First Affirmative Financial Network grew its position in shares of Shopify by 3.4% during the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock worth $338,000 after buying an additional 75 shares in the last quarter. TBH Global Asset Management LLC grew its position in shares of Shopify by 1.2% during the fourth quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after buying an additional 75 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Shopify by 13.9% during the second quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after buying an additional 77 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC grew its position in shares of Shopify by 2.6% during the fourth quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock worth $509,000 after buying an additional 80 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. ATB Cormark Capital Markets upgraded Shopify from a “sector perform” rating to an “outperform” rating in a research note on Tuesday, February 10th. Wells Fargo & Company decreased their target price on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. Stifel Nicolaus set a $115.00 target price on Shopify and gave the stock a “hold” rating in a research note on Wednesday, February 11th. KeyCorp restated an “overweight” rating and set a $160.00 target price on shares of Shopify in a research note on Wednesday, February 11th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $175.00 target price on shares of Shopify in a research note on Thursday, February 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued 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 Price Performance

Shares of SHOP stock opened at $110.78 on Tuesday. The business’s fifty day moving average price is $114.46 and its 200 day moving average price is $132.54. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The firm has a market capitalization of $143.75 billion, a PE ratio of 109.68, a P/E/G ratio of 3.07 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The company had revenue of $3.17 billion for 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%. Equities research analysts expect that Shopify Inc. will post 1.36 earnings per share for the current fiscal 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.