Assenagon Asset Management S.A. Reduces Stake in Shopify Inc. (NYSE:SHOP)

Assenagon Asset Management S.A. reduced its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 96.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,349 shares of the software maker's stock after selling 928,719 shares during the period. Assenagon Asset Management S.A.'s holdings in Shopify were worth $3,076,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group grew its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker's stock valued at $26,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new position in shares of Shopify in the second quarter worth about $33,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Shopify during the 2nd quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Shopify during the 2nd quarter valued at approximately $39,000. Finally, GAMMA Investing LLC grew its holdings in Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker's stock valued at $48,000 after buying an additional 253 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

Shopify stock traded down $1.54 during trading hours on Thursday, hitting $78.47. The company had a trading volume of 3,561,540 shares, compared to its average volume of 9,076,834. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The firm has a 50-day moving average of $77.41 and a 200 day moving average of $69.25. The firm has a market cap of $101.12 billion, a PE ratio of -470.76, a PEG ratio of 2.65 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results 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. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm's revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) EPS. On average, sell-side analysts expect that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SHOP. Barclays raised their price target on shares of Shopify from $65.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 1st. Truist Financial cut their price target on Shopify from $65.00 to $55.00 and set a "hold" rating for the company in a report on Tuesday, August 6th. Royal Bank of Canada lifted their price objective on Shopify from $85.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, October 18th. JPMorgan Chase & Co. upped their target price on Shopify from $74.00 to $76.00 and gave the company an "overweight" rating in a research note on Tuesday, August 20th. Finally, Evercore raised their target price on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $80.21.

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.