Napean Trading & Investment Co Singapore PTE Ltd Trims Position in Shopify Inc. $SHOP

Napean Trading & Investment Co Singapore PTE Ltd lessened its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 19.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,392 shares of the software maker’s stock after selling 7,405 shares during the quarter. Shopify accounts for 1.0% of Napean Trading & Investment Co Singapore PTE Ltd’s portfolio, making the stock its 27th biggest holding. Napean Trading & Investment Co Singapore PTE Ltd’s holdings in Shopify were worth $4,892,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SHOP. Norges Bank purchased a new stake in Shopify during the fourth quarter valued at $2,611,797,000. Thrivent Financial for Lutherans increased its position in Shopify by 7,207.2% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,148,259 shares of the software maker’s stock valued at $184,883,000 after acquiring an additional 1,132,545 shares during the last quarter. Select Equity Group L.P. increased its position in Shopify by 92.5% during the second quarter. Select Equity Group L.P. now owns 2,246,473 shares of the software maker’s stock valued at $259,124,000 after acquiring an additional 1,079,494 shares during the last quarter. Steadfast Capital Management LP purchased a new stake in Shopify during the third quarter valued at $140,930,000. Finally, ICONIQ Capital LLC increased its position in Shopify by 47.3% during the fourth quarter. ICONIQ Capital LLC now owns 2,456,052 shares of the software maker’s stock valued at $395,351,000 after acquiring an additional 788,450 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SHOP. Citigroup reduced their price objective on Shopify from $163.00 to $156.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. BMO Capital Markets reduced their price objective on Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Wells Fargo & Company reduced their price objective on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Jefferies Financial Group reiterated a “hold” rating and set a $140.00 price objective (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Finally, UBS Group restated a “neutral” rating on shares of Shopify in a research report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.17.

Shopify Trading Down 2.0%

Shares of SHOP opened at $108.24 on Friday. The business’s 50 day moving average is $113.99 and its 200 day moving average is $131.61. The company has a market capitalization of $140.46 billion, a PE ratio of 107.17, a price-to-earnings-growth ratio of 3.03 and a beta of 2.60. Shopify Inc. has a 12-month low of $94.00 and a 12-month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $998.78. The company had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. Equities research analysts predict that Shopify Inc. will post 1.36 earnings per share for the current year.

Shopify 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.