Clearbridge Investments LLC Cuts Position in Shopify Inc. $SHOP

Clearbridge Investments LLC cut its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.3% in the 4th quarter, Holdings Channel reports. The fund owned 4,167,267 shares of the software maker’s stock after selling 187,544 shares during the quarter. Clearbridge Investments LLC’s holdings in Shopify were worth $670,805,000 at the end of the most recent reporting period.

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

Shopify Trading Down 5.6%

Shopify stock opened at $109.54 on Friday. The firm has a 50-day moving average of $114.55 and a 200-day moving average of $132.80. The firm has a market cap of $142.15 billion, a P/E ratio of 108.46, a P/E/G ratio of 3.07 and a beta of 2.60. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19.

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, topping analysts’ consensus estimates of $0.22 by $998.78. The company had revenue of $3.17 billion during 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%. Research analysts forecast that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on SHOP shares. Royal Bank Of Canada restated an “outperform” rating and set a $170.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Citizens Jmp cut their price target on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Robert W. Baird set a $150.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Barclays set a $126.00 price target on shares of Shopify and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Finally, DZ Bank upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 16th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

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.