Adirondack Retirement Specialists Inc. Decreases Holdings in Shopify Inc. (NYSE:SHOP)

Adirondack Retirement Specialists Inc. reduced its stake in Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 86,477 shares of the software maker’s stock after selling 710 shares during the quarter. Shopify makes up approximately 3.1% of Adirondack Retirement Specialists Inc.’s investment portfolio, making the stock its 9th biggest position. Adirondack Retirement Specialists Inc.’s holdings in Shopify were worth $3,002,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Baillie Gifford & Co. grew its position in Shopify by 12.3% in the fourth quarter. Baillie Gifford & Co. now owns 72,447,961 shares of the software maker’s stock worth $2,514,667,000 after acquiring an additional 7,936,912 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Shopify by 5,093.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,819,757 shares of the software maker’s stock valued at $97,873,000 after acquiring an additional 2,765,459 shares in the last quarter. Coatue Management LLC raised its stake in Shopify by 673.2% in the third quarter. Coatue Management LLC now owns 2,465,610 shares of the software maker’s stock worth $66,424,000 after buying an additional 2,146,710 shares in the last quarter. Artisan Partners Limited Partnership bought a new position in Shopify in the third quarter worth approximately $51,418,000. Finally, Bank of New York Mellon Corp raised its stake in Shopify by 105.9% in the third quarter. Bank of New York Mellon Corp now owns 3,645,340 shares of the software maker’s stock worth $98,205,000 after buying an additional 1,875,168 shares in the last quarter. 56.31% of the stock is owned by institutional investors.

Shopify Price Performance

Shopify stock opened at $60.20 on Monday. The firm has a market cap of $76.85 billion, a PE ratio of -39.87 and a beta of 2.04. The company’s 50 day moving average is $49.85 and its two-hundred day moving average is $43.69. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.11. Shopify Inc. has a 52-week low of $23.63 and a 52-week high of $65.54.

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last released its quarterly earnings data on Thursday, May 4th. The software maker reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.08. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.44 billion. Shopify had a negative net margin of 32.49% and a negative return on equity of 6.02%. On average, research analysts expect that Shopify Inc. will post -0.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent research reports. Canaccord Genuity Group boosted their price objective on shares of Shopify from $40.00 to $45.00 and gave the stock a “hold” rating in a research note on Thursday, February 16th. William Blair reaffirmed an “outperform” rating on shares of Shopify in a report on Wednesday, January 25th. TD Securities upped their price target on shares of Shopify from $47.00 to $60.00 and gave the company a “hold” rating in a report on Friday, May 5th. Credit Suisse Group upped their price objective on shares of Shopify from $40.00 to $53.00 in a research report on Friday, May 5th. Finally, Piper Sandler upped their price objective on shares of Shopify from $45.00 to $50.00 in a research report on Monday, May 8th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $54.85.

Shopify Company Profile

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Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.