Forum Financial Management LP Has $369,000 Stock Position in Shopify Inc. $SHOP

Forum Financial Management LP decreased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 60.3% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 3,111 shares of the software maker’s stock after selling 4,729 shares during the period. Forum Financial Management LP’s holdings in Shopify were worth $369,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. WMG Financial Advisors LLC grew its holdings in shares of Shopify by 211.2% during the first quarter. WMG Financial Advisors LLC now owns 7,594 shares of the software maker’s stock valued at $901,000 after buying an additional 5,154 shares during the last quarter. Simmons Bank raised its stake in shares of Shopify by 37.6% in the first quarter. Simmons Bank now owns 3,011 shares of the software maker’s stock worth $357,000 after purchasing an additional 822 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ lifted its holdings in shares of Shopify by 0.9% in the first quarter. Lansforsakringar Fondforvaltning AB publ now owns 288,334 shares of the software maker’s stock valued at $34,103,000 after purchasing an additional 2,451 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Shopify during the first quarter valued at approximately $214,000. Finally, Janney Montgomery Scott LLC grew its holdings in Shopify by 15.9% during the first quarter. Janney Montgomery Scott LLC now owns 229,628 shares of the software maker’s stock worth $27,238,000 after buying an additional 31,563 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the topic of several recent analyst reports. Barclays set a $126.00 price objective on Shopify and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada restated an “outperform” rating and set a $170.00 price target on shares of Shopify in a report on Wednesday, May 6th. Oppenheimer reissued an “outperform” rating and set a $175.00 target price on shares of Shopify in a research report on Wednesday, May 6th. DA Davidson reduced their target price on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Canaccord Genuity Group decreased their price target on Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Down 0.0%

Shares of NASDAQ:SHOP opened at $114.18 on Wednesday. The firm has a market capitalization of $148.17 billion, a PE ratio of 113.05, a P/E/G ratio of 3.14 and a beta of 2.60. The company has a 50-day moving average price of $112.08 and a two-hundred day moving average price of $127.41. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 EPS for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. Analysts anticipate that Shopify Inc. will post 1.39 earnings per share for the current fiscal year.

About Shopify

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.