21,925 Shopify Inc. $SHOP Shares Sold by Candriam S.C.A.

Candriam S.C.A. reduced its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 23.2% in the third quarter, Holdings Channel.com reports. The fund owned 72,709 shares of the software maker’s stock after selling 21,925 shares during the quarter. Candriam S.C.A.’s holdings in Shopify were worth $10,841,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Swiss National Bank increased its holdings in Shopify by 27.0% during the 1st quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock worth $487,580,000 after acquiring an additional 876,100 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in Shopify in the 3rd quarter valued at $102,751,000. The Manufacturers Life Insurance Company boosted its holdings in 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 valued at $998,137,000 after purchasing an additional 660,198 shares during the period. Bank of Nova Scotia grew its position in shares of Shopify by 24.2% during the 1st quarter. Bank of Nova Scotia now owns 3,196,004 shares of the software maker’s stock valued at $379,111,000 after purchasing an additional 621,893 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of Shopify in the second quarter worth $41,959,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SHOP. Rosenblatt Securities decreased their target price on Shopify from $186.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, November 4th. UBS Group lifted their price target on Shopify from $145.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, November 4th. RBC Dominion Securities set a $200.00 target price on shares of Shopify and gave the company an “outperform” rating in a research report on Friday, October 23rd. Royal Bank Of Canada reissued an “outperform” rating and issued a $200.00 price target on shares of Shopify in a research note on Wednesday, November 4th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Shopify from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.82.

Shopify Stock Up 2.1%

Shopify stock opened at $152.06 on Tuesday. The company has a market capitalization of $195.65 billion, a PE ratio of 92.72, a P/E/G ratio of 3.10 and a beta of 2.65. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $180.88. The firm has a fifty day simple moving average of $152.50 and a two-hundred day simple moving average of $130.14.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.16. The business had revenue of $3.74 billion for the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. Shopify’s revenue was up 31.6% on a year-over-year basis. During the same period last year, the business earned $0.34 EPS. As a group, equities analysts expect that Shopify Inc. will post 1.47 earnings per share for the current fiscal year.

Shopify Company 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.