Fred Alger Management LLC Sells 339,180 Shares of Shopify Inc. (NYSE:SHOP)

Fred Alger Management LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 92.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,519 shares of the software maker’s stock after selling 339,180 shares during the period. Fred Alger Management LLC’s holdings in Shopify were worth $2,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Fundsmith Investment Services LTD. bought a new position in shares of Shopify during the fourth quarter valued at approximately $10,221,000. FWL Investment Management LLC bought a new stake in Shopify during the 4th quarter valued at $56,000. Deutsche Bank AG increased its holdings in shares of Shopify by 1.7% in the 4th quarter. Deutsche Bank AG now owns 1,928,870 shares of the software maker’s stock valued at $205,097,000 after acquiring an additional 33,094 shares during the period. Diker Management LLC lifted its stake in shares of Shopify by 25.0% during the 4th quarter. Diker Management LLC now owns 20,000 shares of the software maker’s stock worth $2,127,000 after purchasing an additional 4,000 shares during the last quarter. Finally, Durable Capital Partners LP boosted its position in Shopify by 86.9% during the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker’s stock valued at $420,041,000 after purchasing an additional 1,836,294 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 2.4 %

Shares of Shopify stock opened at $91.77 on Friday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm’s 50-day moving average price is $93.29 and its 200 day moving average price is $102.73. The firm has a market capitalization of $118.83 billion, a PE ratio of 59.21, a P/E/G ratio of 4.82 and a beta of 2.66.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SHOP shares. National Bankshares reduced their target price on shares of Shopify from $140.00 to $120.00 and set an “outperform” rating for the company in a report on Friday, April 25th. The Goldman Sachs Group lowered their target price on shares of Shopify from $150.00 to $130.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Piper Sandler upped their price target on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. lowered their price objective on Shopify from $124.00 to $115.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Morgan Stanley upped their target price on Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.37.

Shopify 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.