Prudential Financial Inc. Reduces Stake in Shopify Inc. $SHOP

Prudential Financial Inc. lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 86.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,575 shares of the software maker’s stock after selling 35,821 shares during the quarter. Prudential Financial Inc.’s holdings in Shopify were worth $642,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Coldstream Capital Management Inc. grew its stake in Shopify by 3.2% during the second quarter. Coldstream Capital Management Inc. now owns 5,407 shares of the software maker’s stock valued at $624,000 after acquiring an additional 169 shares in the last quarter. Sierra Summit Advisors LLC bought a new position in Shopify in the 2nd quarter valued at $11,993,000. Centric Wealth Management purchased a new position in shares of Shopify during the 2nd quarter valued at $181,000. Providence Wealth Advisors LLC purchased a new position in shares of Shopify during the 2nd quarter valued at $202,000. Finally, Vestor Capital LLC bought a new position in shares of Shopify in the second quarter worth $34,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

SHOP stock opened at $159.89 on Wednesday. The company has a market capitalization of $208.15 billion, a PE ratio of 118.44, a price-to-earnings-growth ratio of 5.89 and a beta of 2.82. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The company’s 50 day moving average price is $158.89 and its two-hundred day moving average price is $138.74.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. DZ Bank raised Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 price target on shares of Shopify in a report on Wednesday, November 5th. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. DA Davidson upped their price objective on shares of Shopify from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a research report on Monday. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Hold” and a consensus price target of $166.53.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.