Baer Investment Advisory LLC Sells 31,157 Shares of Shopify Inc. $SHOP

Baer Investment Advisory LLC decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 98.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 527 shares of the software maker’s stock after selling 31,157 shares during the quarter. Shopify comprises approximately 0.1% of Baer Investment Advisory LLC’s investment portfolio, making the stock its 27th biggest holding. Baer Investment Advisory LLC’s holdings in Shopify were worth $61,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SHOP. Brighton Jones LLC raised its holdings in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares during the period. GAMMA Investing LLC raised its holdings in Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after buying an additional 428 shares during the period. Diversified Trust Co raised its holdings in Shopify by 107.2% during the 1st quarter. Diversified Trust Co now owns 5,440 shares of the software maker’s stock worth $519,000 after buying an additional 2,815 shares during the period. Transcend Capital Advisors LLC raised its holdings in Shopify by 196.4% during the 1st quarter. Transcend Capital Advisors LLC now owns 8,009 shares of the software maker’s stock worth $765,000 after buying an additional 5,307 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Shopify by 33.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 636,664 shares of the software maker’s stock worth $62,164,000 after buying an additional 161,100 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. DA Davidson raised their target price on shares of Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Arete restated a “neutral” rating on shares of Shopify in a report on Wednesday, July 23rd. Mizuho lifted their price objective on shares of Shopify from $85.00 to $150.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price objective on shares of Shopify and gave the stock a “neutral” rating in a research report on Wednesday, August 27th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $153.30.

Shopify Stock Up 3.5%

Shares of SHOP stock opened at $172.95 on Monday. The firm has a market cap of $224.78 billion, a PE ratio of 96.62, a P/E/G ratio of 8.10 and a beta of 2.72. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $174.74. The company’s fifty day simple moving average is $149.93 and its 200-day simple moving average is $124.40.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.26 earnings per share. On average, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.