ING Groep NV Sells 26,865 Shares of Shopify Inc. $SHOP

ING Groep NV cut its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 49.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,657 shares of the software maker’s stock after selling 26,865 shares during the quarter. ING Groep NV’s holdings in Shopify were worth $4,452,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after buying an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in shares of Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after buying an additional 506 shares in the last quarter. Osterweis Capital Management Inc. purchased a new position in shares of Shopify in the second quarter worth $53,000. Finally, Main Street Financial Solutions LLC raised its stake in Shopify by 15.3% during the second quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 1,479 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 1.1%

Shares of Shopify stock opened at $110.78 on Tuesday. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The company has a 50 day moving average price of $114.46 and a 200 day moving average price of $132.54. The firm has a market capitalization of $143.75 billion, a P/E ratio of 109.68, a PEG ratio of 3.07 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping the consensus estimate of $0.22 by $998.78. The company had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. As a group, research analysts anticipate that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SHOP. Truist Financial set a $150.00 price target on shares of Shopify and gave the company a “buy” rating in a research note on Tuesday, February 17th. Benchmark decreased their price target on shares of Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Canaccord Genuity Group cut their price objective on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Jefferies Financial Group reiterated a “hold” rating and set a $140.00 price objective (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Finally, TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 price objective on the stock in a research report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $157.17.

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.