Shopify Inc. $SHOP is ICONIQ Capital LLC’s 5th Largest Position

ICONIQ Capital LLC lessened its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,675,473 shares of the software maker’s stock after selling 183,201 shares during the quarter. Shopify comprises 3.2% of ICONIQ Capital LLC’s holdings, making the stock its 5th largest position. ICONIQ Capital LLC’s holdings in Shopify were worth $193,266,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SHOP. Vanguard Group Inc. increased its position in shares of Shopify by 2.8% during the second quarter. Vanguard Group Inc. now owns 49,316,695 shares of the software maker’s stock worth $5,688,053,000 after acquiring an additional 1,354,415 shares during the period. Norges Bank purchased a new position in Shopify during the 2nd quarter worth $1,794,952,000. Loomis Sayles & Co. L P increased its holdings in Shopify by 1.3% during the 2nd quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares during the period. Jennison Associates LLC raised its position in Shopify by 118.1% during the 2nd quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shopify stock opened at $164.19 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The stock has a market cap of $213.75 billion, a PE ratio of 121.62, a price-to-earnings-growth ratio of 6.12 and a beta of 2.82. The stock has a 50-day moving average of $159.60 and a two-hundred day moving average of $139.56.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. As a group, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SHOP shares. TD Securities upgraded Shopify to a “hold” rating in a report on Thursday, December 4th. Truist Financial set a $155.00 price objective on Shopify and gave the stock a “hold” rating in a research note on Tuesday, November 4th. TD Cowen reiterated a “hold” rating and issued a $156.00 target price on shares of Shopify in a research note on Friday, October 3rd. DZ Bank upgraded shares of Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Finally, Stifel Nicolaus set a $175.00 price target on shares of Shopify in a research report on Tuesday, November 4th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of “Hold” and a consensus price target of $166.53.

Shopify Company Profile

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.