Shopify Inc. $SHOP Shares Sold by Munro Partners

Munro Partners lowered its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 392,935 shares of the software maker’s stock after selling 16,960 shares during the quarter. Shopify accounts for 1.6% of Munro Partners’ holdings, making the stock its 21st largest holding. Munro Partners’ holdings in Shopify were worth $63,251,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHOP. Vanguard Group Inc. lifted its stake in shares of Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after purchasing an additional 743,803 shares in the last quarter. Norges Bank purchased a new stake in shares of Shopify during the fourth quarter worth about $2,611,797,000. Geode Capital Management LLC increased its position in shares of Shopify by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after acquiring an additional 737,892 shares during the last quarter. Sands Capital Management LLC grew its stake in Shopify by 37.0% in the fourth quarter. Sands Capital Management LLC now owns 9,506,036 shares of the software maker’s stock worth $1,530,187,000 after purchasing an additional 2,568,765 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in Shopify by 2.2% in the fourth quarter. TD Asset Management Inc now owns 8,713,762 shares of the software maker’s stock worth $1,404,790,000 after purchasing an additional 185,252 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

NASDAQ SHOP opened at $112.49 on Tuesday. The stock has a market capitalization of $145.97 billion, a P/E ratio of 111.38, a P/E/G ratio of 3.03 and a beta of 2.60. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19. The business’s fifty day moving average is $113.88 and its two-hundred day moving average is $131.13.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $3.08 billion. On average, research analysts forecast that Shopify Inc. will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SHOP. Robert W. Baird set a $150.00 price target on Shopify in a research note on Wednesday, May 6th. Piper Sandler restated an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Weiss Ratings downgraded Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. Citizens Jmp reduced their price objective on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Finally, Barclays set a $126.00 target price on Shopify and gave the stock an “equal weight” rating 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $157.17.

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.