Hsbc Holdings PLC Trims Position in Shopify Inc. $SHOP

Hsbc Holdings PLC decreased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 56.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 378,548 shares of the software maker’s stock after selling 481,205 shares during the quarter. Hsbc Holdings PLC’s holdings in Shopify were worth $61,204,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Kingdom Financial Group LLC. bought a new position in shares of Shopify in the 4th quarter worth approximately $26,000. Curio Wealth LLC purchased a new position in shares of Shopify in the fourth quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Shopify during the fourth quarter valued at approximately $29,000. Lloyd Advisory Services LLC. bought a new stake in Shopify during the fourth quarter valued at approximately $31,000. Finally, Lodestone Wealth Management LLC purchased a new stake in Shopify during the fourth quarter valued at approximately $31,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $107.98 on Tuesday. The company has a market capitalization of $140.12 billion, a P/E ratio of 106.91, a P/E/G ratio of 2.99 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 firm’s 50 day simple moving average is $113.08 and its two-hundred day simple moving average is $129.46.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The firm had revenue of $3.17 billion during 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, sell-side analysts anticipate that Shopify Inc. will post 1.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on SHOP. Weiss Ratings downgraded shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. National Bank Financial cut their price objective on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Needham & Company LLC restated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a research note on Tuesday, May 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $140.00 target price (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Shopify currently 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.