Shopify Inc. (NYSE:SHOP) Shares Sold by Melqart Asset Management UK Ltd

Melqart Asset Management UK Ltd lowered its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 30.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,115 shares of the software maker's stock after selling 32,130 shares during the quarter. Shopify makes up approximately 0.9% of Melqart Asset Management UK Ltd's portfolio, making the stock its 28th biggest position. Melqart Asset Management UK Ltd's holdings in Shopify were worth $7,668,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of SHOP. World Investment Advisors LLC lifted its stake in shares of Shopify by 113.4% in the third quarter. World Investment Advisors LLC now owns 12,751 shares of the software maker's stock valued at $1,022,000 after purchasing an additional 6,776 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Shopify during the 3rd quarter worth approximately $615,000. Synovus Financial Corp purchased a new stake in Shopify during the 3rd quarter worth $481,000. Peapack Gladstone Financial Corp grew its position in shares of Shopify by 29.3% during the third quarter. Peapack Gladstone Financial Corp now owns 9,551 shares of the software maker's stock worth $765,000 after buying an additional 2,162 shares in the last quarter. Finally, Beaird Harris Wealth Management LLC grew its stake in Shopify by 700.0% in the third quarter. Beaird Harris Wealth Management LLC now owns 1,000 shares of the software maker's stock worth $80,000 after purchasing an additional 875 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $97.12 on Friday. The business has a fifty day moving average of $96.79 and a 200-day moving average of $101.92. The firm has a market cap of $125.75 billion, a PE ratio of 62.66, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SHOP. Evercore ISI lifted their target price on Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Robert W. Baird raised their price objective on shares of Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a research report on Wednesday, February 12th. Phillip Securities cut shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, February 17th. KeyCorp dropped their price target on Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group increased their price target on Shopify from $110.00 to $130.00 and gave the company a "hold" rating in a research report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $119.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.