Chicago Partners Investment Group LLC Cuts Stake in Shopify Inc. $SHOP

Chicago Partners Investment Group LLC lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 11.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,363 shares of the software maker’s stock after selling 2,049 shares during the period. Chicago Partners Investment Group LLC’s holdings in Shopify were worth $1,878,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SHOP. Vanguard Group Inc. grew its stake in Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock valued at $4,563,106,000 after acquiring an additional 882,168 shares in the last quarter. Mackenzie Financial Corp grew its stake in Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after acquiring an additional 1,426,406 shares in the last quarter. Nuveen LLC purchased a new stake in Shopify during the 1st quarter valued at about $667,392,000. Canada Pension Plan Investment Board grew its stake in Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock valued at $565,504,000 after acquiring an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Shopify by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock valued at $539,382,000 after acquiring an additional 979,598 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NASDAQ:SHOP opened at $164.71 on Tuesday. The firm has a market capitalization of $214.07 billion, a price-to-earnings ratio of 92.02, a PEG ratio of 7.39 and a beta of 2.72. The company’s 50-day moving average is $148.34 and its two-hundred day moving average is $122.02. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the business posted $0.26 EPS. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. As a group, equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Barclays upped their price objective on shares of Shopify from $94.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, August 7th. Robert W. Baird upped their price objective on shares of Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday, October 7th. Citigroup upped their price objective on shares of Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, August 8th. CIBC upped their price objective on shares of Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Finally, TD Cowen reiterated a “hold” rating and issued a $156.00 target price on shares of Shopify in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $152.76.

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.