Shopify Inc. (NYSE:SHOP) Shares Sold by Tobam

Tobam lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 92.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,880 shares of the software maker’s stock after selling 23,205 shares during the quarter. Tobam’s holdings in Shopify were worth $147,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new position in Shopify in the fourth quarter worth approximately $414,365,000. Artisan Partners Limited Partnership grew its position in Shopify by 78.4% in the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after buying an additional 2,113,773 shares during the last quarter. Quadrature Capital Ltd acquired a new position in Shopify in the third quarter worth approximately $68,746,000. International Assets Investment Management LLC grew its position in Shopify by 6,637.3% in the fourth quarter. International Assets Investment Management LLC now owns 1,188,598 shares of the software maker’s stock worth $92,592,000 after buying an additional 1,170,956 shares during the last quarter. Finally, Granite Bay Wealth Management LLC grew its position in Shopify by 6,194.5% in the third quarter. Granite Bay Wealth Management LLC now owns 1,095,361 shares of the software maker’s stock worth $66,363,000 after buying an additional 1,077,959 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SHOP. Piper Sandler reaffirmed an “underweight” rating and issued a $63.00 price objective on shares of Shopify in a research note on Thursday. Robert W. Baird raised their price objective on shares of Shopify from $85.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 3rd. StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a research note on Saturday, January 27th. Roth Capital raised their price objective on shares of Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Finally, Citigroup decreased their price objective on shares of Shopify from $96.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, February 14th. Three analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $77.38.

Shopify Stock Performance

NYSE:SHOP opened at $71.53 on Friday. The firm’s 50-day moving average is $78.22 and its 200-day moving average is $71.17. Shopify Inc. has a 52-week low of $45.11 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The company has a market cap of $92.03 billion, a price-to-earnings ratio of 794.87 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Equities research analysts anticipate that Shopify Inc. will post 0.57 earnings per share for the current year.

About Shopify

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.