Readystate Asset Management LP Reduces Stock Holdings in Shopify Inc. $SHOP

Readystate Asset Management LP trimmed its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 54.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 54,295 shares of the software maker’s stock after selling 66,117 shares during the period. Readystate Asset Management LP’s holdings in Shopify were worth $6,199,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Norris Financial Group LLC bought a new position in Shopify in the 1st quarter worth approximately $1,586,000. Infusive Asset Management Inc. grew its position in shares of Shopify by 27.4% in the first quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker’s stock valued at $5,173,000 after purchasing an additional 9,374 shares in the last quarter. OMERS ADMINISTRATION Corp raised its stake in shares of Shopify by 18.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker’s stock valued at $6,876,000 after purchasing an additional 9,096 shares during the period. Ninepoint Partners LP purchased a new stake in Shopify during the 2nd quarter worth about $29,027,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Shopify by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock worth $998,137,000 after purchasing an additional 660,198 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the topic of several analyst reports. Benchmark upped their price target on Shopify from $145.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings raised shares of Shopify from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 17th. BMO Capital Markets set a $165.00 price target on shares of Shopify and gave the company an “outperform” rating in a report on Thursday, August 6th. Bank of America initiated coverage on Shopify in a research report on Tuesday, July 7th. They issued a “buy” rating and a $150.00 price objective on the stock. Finally, DA Davidson set a $200.00 target price on Shopify and gave the stock a “buy” rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $170.84.

Shopify Stock Performance

NASDAQ:SHOP opened at $145.09 on Monday. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The business has a 50 day moving average of $134.20 and a 200 day moving average of $122.76. The company has a market capitalization of $186.68 billion, a price-to-earnings ratio of 98.03, a PEG ratio of 2.96 and a beta of 2.61.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The firm had revenue of $3.58 billion for the quarter. During the same period last year, the business posted $0.69 earnings per share. The company’s revenue was up 33.7% compared to the same quarter last year. On average, sell-side analysts predict that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

Shopify Company 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.