Lord Abbett & CO. LLC Cuts Position in Shopify Inc. $SHOP

Lord Abbett & CO. LLC lessened its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 95.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,423,900 shares of the software maker’s stock after selling 33,107,912 shares during the quarter. Lord Abbett & CO. LLC owned about 0.11% of Shopify worth $229,207,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Sumitomo Life Insurance Co. grew its holdings in Shopify by 0.9% during the 4th quarter. Sumitomo Life Insurance Co. now owns 11,597 shares of the software maker’s stock valued at $1,867,000 after buying an additional 101 shares in the last quarter. Wealthspire Advisors LLC boosted its holdings in shares of Shopify by 14.5% in the 4th quarter. Wealthspire Advisors LLC now owns 20,360 shares of the software maker’s stock worth $3,277,000 after purchasing an additional 2,572 shares during the period. Atalanta Sosnoff Capital LLC boosted its holdings in shares of Shopify by 1.1% in the 4th quarter. Atalanta Sosnoff Capital LLC now owns 47,979 shares of the software maker’s stock worth $7,723,000 after purchasing an additional 513 shares during the period. Howland Capital Management LLC boosted its holdings in shares of Shopify by 12.8% in the 4th quarter. Howland Capital Management LLC now owns 5,456 shares of the software maker’s stock worth $878,000 after purchasing an additional 619 shares during the period. Finally, Castleark Management LLC boosted its holdings in shares of Shopify by 2.1% in the 4th quarter. Castleark Management LLC now owns 345,382 shares of the software maker’s stock worth $55,596,000 after purchasing an additional 7,138 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 2.0%

SHOP opened at $108.24 on Friday. The business has a fifty day moving average of $113.99 and a 200 day moving average of $131.61. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The stock has a market cap of $140.46 billion, a P/E ratio of 107.17, a PEG ratio of 3.10 and a beta of 2.60.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Truist Financial set a $150.00 target price on Shopify and gave the stock a “buy” rating in a report on Tuesday, February 17th. Weiss Ratings cut Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Oppenheimer reiterated an “outperform” rating and issued a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 target price on shares of Shopify in a report on Tuesday, May 5th. Finally, DA Davidson dropped their target price on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.17.

About Shopify

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.