Shopify Inc. $SHOP Stock: Russell Investments Group Ltd. Cuts Stake

Russell Investments Group Ltd. lowered its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,504,523 shares of the software maker’s stock after selling 50,307 shares during the quarter. Russell Investments Group Ltd.’s holdings in Shopify were worth $223,164,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its stake in shares of Shopify by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock worth $998,137,000 after purchasing an additional 660,198 shares during the period. Swiss National Bank boosted its holdings in shares of Shopify by 27.0% in the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock worth $487,580,000 after buying an additional 876,100 shares during the last quarter. Bank of New York Mellon Corp grew its position in Shopify by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 3,495,964 shares of the software maker’s stock valued at $414,691,000 after buying an additional 159,873 shares during the period. Amova Asset Management Americas Inc. grew its position in Shopify by 5.0% during the first quarter. Amova Asset Management Americas Inc. now owns 3,458,265 shares of the software maker’s stock valued at $410,219,000 after buying an additional 165,080 shares during the period. Finally, Amundi grew its position in Shopify by 2.7% during the first quarter. Amundi now owns 3,200,943 shares of the software maker’s stock valued at $379,696,000 after buying an additional 84,971 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 1.7%

SHOP stock opened at $146.78 on Friday. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $180.88. The stock has a market cap of $188.85 billion, a P/E ratio of 89.50, a PEG ratio of 3.55 and a beta of 2.65. The business’s 50-day moving average price is $152.77 and its 200-day moving average price is $130.29.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. The company had revenue of $3.74 billion during the quarter. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The company’s revenue was up 31.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 earnings per share. On average, equities research analysts expect that Shopify Inc. will post 1.48 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Deutsche Bank upped their target price on shares of Shopify from $175.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Argus reiterated a “buy” rating and set a $180.00 price target on shares of Shopify in a research note on Thursday, November 5th. Evercore reiterated an “outperform” rating and set a $175.00 price target (up from $135.00) on shares of Shopify in a research note on Wednesday, August 5th. Jefferies Financial Group reissued a “buy” rating on shares of Shopify in a research report on Wednesday, October 14th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $200.00 price objective on shares of Shopify in a research note on Wednesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $178.82.

Shopify Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement. Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world. Founded in 2006, Shopify is headquartered in Ottawa, Canada.