Lord Abbett & CO. LLC cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SH) by 60.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 589,283 shares of the software maker’s stock after selling 907,518 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.60% of Shopify worth $51,209,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Nadler Financial Group Inc. grew its position in shares of Shopify by 0.9% in the second quarter. Nadler Financial Group Inc. now owns 3,033 shares of the software maker’s stock valued at $264,000 after purchasing an additional 28 shares during the last quarter. Private Advisory Group LLC lifted its stake in shares of Shopify by 3.9% during the second quarter. Private Advisory Group LLC now owns 4,391 shares of the software maker’s stock valued at $382,000 after buying an additional 164 shares during the period. Advisory Services Network LLC lifted its stake in shares of Shopify by 26.6% during the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock valued at $123,000 after buying an additional 298 shares during the period. Tocqueville Asset Management L.P. lifted its stake in shares of Shopify by 2.1% during the second quarter. Tocqueville Asset Management L.P. now owns 19,200 shares of the software maker’s stock valued at $1,668,000 after buying an additional 400 shares during the period. Finally, State of Tennessee Treasury Department lifted its stake in shares of Shopify by 1.2% during the second quarter. State of Tennessee Treasury Department now owns 46,703 shares of the software maker’s stock valued at $4,058,000 after buying an additional 550 shares during the period. Institutional investors and hedge funds own 53.77% of the company’s stock.

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Shares of Shopify Inc. (SHOP) traded down 0.85% during trading on Thursday, hitting $98.09. 711,995 shares of the stock were exchanged. The stock’s 50 day moving average is $110.16 and its 200-day moving average is $110.16. The stock’s market cap is $9.67 billion. Shopify Inc. has a 12-month low of $37.74 and a 12-month high of $123.94.

Shopify (NYSE:SHOP) (TSE:SH) last posted its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.05. The firm had revenue of $151.70 million during the quarter, compared to analysts’ expectations of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The company’s revenue was up 75.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.04) earnings per share. Equities research analysts anticipate that Shopify Inc. will post ($0.04) EPS for the current year.

Several equities analysts recently issued reports on the stock. BidaskClub downgraded shares of Shopify from a “buy” rating to a “hold” rating in a research note on Friday, October 13th. KeyCorp set a $116.00 price objective on shares of Shopify and gave the company a “buy” rating in a research note on Wednesday, October 11th. Royal Bank Of Canada reissued a “hold” rating and set a $99.00 price objective on shares of Shopify in a research note on Tuesday, October 10th. Piper Jaffray Companies reissued a “buy” rating and set a $110.00 price objective on shares of Shopify in a research note on Friday, October 6th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $109.00 price objective on shares of Shopify in a research note on Friday, October 6th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twenty have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $97.09.

Shopify Profile

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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