Pacifica Partners Inc. Trims Position in Shopify Inc. (NYSE:SHOP)

Pacifica Partners Inc. trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 32.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,550 shares of the software maker’s stock after selling 760 shares during the quarter. Pacifica Partners Inc.’s holdings in Shopify were worth $121,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Shopify during the fourth quarter worth about $1,049,089,000. Capital World Investors increased its stake in shares of Shopify by 28.7% during the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after acquiring an additional 8,789,411 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Shopify by 118.9% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock worth $263,452,000 after acquiring an additional 1,837,000 shares during the period. Artisan Partners Limited Partnership grew its position in Shopify by 33.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 6,416,115 shares of the software maker’s stock worth $499,815,000 after buying an additional 1,606,482 shares during the period. Finally, Baillie Gifford & Co. grew its position in Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after buying an additional 1,419,749 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Down 1.1 %

Shares of SHOP stock traded down $0.72 during mid-day trading on Monday, reaching $64.32. The company’s stock had a trading volume of 10,451,961 shares, compared to its average volume of 10,432,586. The company’s 50 day simple moving average is $64.49 and its 200-day simple moving average is $73.20. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $82.88 billion, a PE ratio of -378.32, a price-to-earnings-growth ratio of 3.21 and a beta of 2.27.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. On average, research analysts predict that Shopify Inc. will post 0.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SHOP shares. DA Davidson lowered their target price on shares of Shopify from $90.00 to $84.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. The Goldman Sachs Group upped their target price on shares of Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Needham & Company LLC restated a “hold” rating on shares of Shopify in a research report on Thursday, May 9th. JPMorgan Chase & Co. started coverage on shares of Shopify in a research report on Tuesday, June 11th. They issued an “overweight” rating and a $74.00 price target on the stock. Finally, Evercore ISI upgraded shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price target on the stock in a research report on Friday, June 14th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.39.

Shopify Company Profile

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.