Shopify Inc. $SHOP Position Decreased by Steadview Capital Management LLC

Steadview Capital Management LLC trimmed its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 21.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 252,554 shares of the software maker’s stock after selling 67,110 shares during the period. Shopify comprises about 7.7% of Steadview Capital Management LLC’s portfolio, making the stock its 5th biggest position. Steadview Capital Management LLC’s holdings in Shopify were worth $40,654,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SHOP. Brighton Jones LLC increased its stake in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares during the period. AQR Capital Management LLC increased its stake in shares of Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after buying an additional 7,544 shares during the period. Sivia Capital Partners LLC increased its stake in shares of Shopify by 6.6% during the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after buying an additional 506 shares during the period. Osterweis Capital Management Inc. purchased a new stake in shares of Shopify during the second quarter worth approximately $53,000. Finally, Main Street Financial Solutions LLC increased its stake in shares of Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after buying an additional 1,479 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent research reports. DA Davidson cut their target price on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price on the stock in a research note on Wednesday, February 11th. Weiss Ratings lowered shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $126.00 price target (down from $181.00) on shares of Shopify in a research note on Thursday, February 12th. Finally, Phillip Securities upgraded shares of 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 assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $158.42.

Shopify Stock Down 1.8%

Shares of Shopify stock opened at $103.00 on Friday. The firm has a market capitalization of $133.66 billion, a P/E ratio of 101.98, a P/E/G ratio of 2.94 and a beta of 2.64. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The firm’s 50 day moving average is $116.29 and its two-hundred day moving average is $135.86.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 EPS 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 net margin of 10.77% and a return on equity of 12.07%. As a group, research analysts expect that Shopify Inc. will post 1.36 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.