Knollwood Investment Advisory LLC Cuts Stake in Shopify Inc. $SHOP

Knollwood Investment Advisory LLC decreased its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 47.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,930 shares of the software maker’s stock after selling 9,686 shares during the period. Knollwood Investment Advisory LLC’s holdings in Shopify were worth $1,759,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in SHOP. Norges Bank purchased a new stake in shares of Shopify in the 4th quarter valued at $2,611,797,000. Thrivent Financial for Lutherans grew its holdings in shares of Shopify by 7,207.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock worth $184,883,000 after purchasing an additional 1,132,545 shares during the last quarter. Select Equity Group L.P. grew its holdings in shares of Shopify by 92.5% in the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock worth $259,124,000 after purchasing an additional 1,079,494 shares during the last quarter. Steadfast Capital Management LP bought a new position in shares of Shopify in the third quarter worth approximately $140,930,000. Finally, ICONIQ Capital LLC grew its holdings in shares of Shopify by 47.3% in the fourth quarter. ICONIQ Capital LLC now owns 2,456,052 shares of the software maker’s stock worth $395,351,000 after purchasing an additional 788,450 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SHOP. Wells Fargo & Company cut their target price on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. UBS Group restated a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Canaccord Genuity Group cut their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $180.00 target price on shares of Shopify in a report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Down 2.0%

NASDAQ:SHOP opened at $108.24 on Friday. The stock has a market cap of $140.46 billion, a P/E ratio of 107.17, a price-to-earnings-growth ratio of 3.03 and a beta of 2.60. The firm’s fifty day simple moving average is $113.99 and its 200 day simple moving average is $131.61. 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 results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, beating the consensus estimate of $0.22 by $998.78. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. On average, analysts expect that Shopify Inc. will post 1.36 EPS for the current fiscal year.

Shopify 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.