Pittenger & Anderson Inc. Decreases Stake in Shopify Inc. $SHOP

Pittenger & Anderson Inc. lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 19.1% during the third quarter, HoldingsChannel.com reports. The fund owned 43,810 shares of the software maker’s stock after selling 10,335 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Shopify were worth $6,511,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in SHOP. Financial Gravity Companies Inc. bought a new position in Shopify in the second quarter valued at about $27,000. Rothschild Investment LLC boosted its stake in shares of Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC bought a new position in Shopify in the 3rd quarter worth $27,000. Tradewinds Capital Management LLC increased its position in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after buying an additional 100 shares in the last quarter. Finally, Estabrook Capital Management bought a new position in shares of Shopify during the 2nd quarter valued at approximately $29,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of analyst reports. Cantor Fitzgerald restated a “neutral” rating and set a $181.00 target price (up previously from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. TD Cowen restated a “hold” rating and issued a $156.00 price target on shares of Shopify in a research note on Friday, October 3rd. Oppenheimer reaffirmed an “outperform” rating on shares of Shopify in a report on Monday, December 1st. Wolfe Research upgraded Shopify from a “hold” rating to an “outperform” rating in a research report on Tuesday, January 6th. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $198.00 target price (up previously from $125.00) on shares of Shopify in a research note on Wednesday, December 17th. Twenty-four research analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $171.61.

Shopify Trading Up 3.4%

SHOP opened at $143.64 on Friday. The business’s fifty day simple moving average is $158.71 and its 200-day simple moving average is $150.96. The company has a market capitalization of $187.00 billion, a price-to-earnings ratio of 106.40, a PEG ratio of 4.11 and a beta of 2.83. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. On average, equities research analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Profile

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.