Long Walk Management LP Sells 217,500 Shares of Shopify Inc. (NYSE:SHOP)

Long Walk Management LP reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 48.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 230,000 shares of the software maker’s stock after selling 217,500 shares during the quarter. Shopify comprises approximately 7.6% of Long Walk Management LP’s portfolio, making the stock its 7th biggest position. Long Walk Management LP’s holdings in Shopify were worth $18,432,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SHOP. Silvercrest Asset Management Group LLC grew its stake in shares of Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Shopify by 3.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after buying an additional 7,009 shares during the period. DekaBank Deutsche Girozentrale raised its position in Shopify by 5.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares during the last quarter. Clearbridge Investments LLC lifted its stake in shares of Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after acquiring an additional 1,657,251 shares during the period. Finally, Dash Acquisitions Inc. acquired a new stake in shares of Shopify in the 3rd quarter worth $2,933,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Scotiabank increased their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft increased their target price on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Loop Capital raised their price target on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Barclays upped their price objective on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. raised their target price on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.03.

Shopify Stock Up 1.8 %

Shares of NYSE:SHOP opened at $87.12 on Friday. The stock has a 50-day simple moving average of $78.41 and a 200-day simple moving average of $69.83. The stock has a market capitalization of $112.42 billion, a P/E ratio of 88.90, a PEG ratio of 2.74 and a beta of 2.36. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the firm earned ($0.08) earnings per share. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current year.

Shopify 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.