Harbor Investment Advisory LLC Lowers Stock Position in Shopify Inc. (NYSE:SHOP)

Posted by on Apr 3rd, 2023

Harbor Investment Advisory LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP – Get Rating) (TSE:SHOP) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,311 shares of the software maker’s stock after selling 1,058 shares during the period. Harbor Investment Advisory LLC’s holdings in Shopify were worth $393,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its position in shares of Shopify by 12.3% during the fourth quarter. Baillie Gifford & Co. now owns 72,447,961 shares of the software maker’s stock worth $2,514,667,000 after purchasing an additional 7,936,912 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Shopify by 3.2% during the third quarter. Vanguard Group Inc. now owns 38,491,544 shares of the software maker’s stock worth $1,036,963,000 after purchasing an additional 1,198,494 shares during the last quarter. ARK Investment Management LLC lifted its position in shares of Shopify by 1,097.6% during the third quarter. ARK Investment Management LLC now owns 14,532,528 shares of the software maker’s stock worth $391,506,000 after purchasing an additional 13,319,042 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Shopify by 13.2% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,065,324 shares of the software maker’s stock worth $379,187,000 after purchasing an additional 1,636,995 shares during the last quarter. Finally, Scge Management L.P. lifted its position in shares of Shopify by 900.0% during the second quarter. Scge Management L.P. now owns 9,320,000 shares of the software maker’s stock worth $291,157,000 after purchasing an additional 8,388,000 shares during the last quarter. 56.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of recent research reports. Robert W. Baird raised their target price on shares of Shopify from $45.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, February 16th. Stifel Nicolaus began coverage on shares of Shopify in a research note on Friday, March 17th. They set a “hold” rating and a $45.00 price objective on the stock. Canaccord Genuity Group raised their price objective on shares of Shopify from $40.00 to $45.00 and gave the company a “hold” rating in a research note on Thursday, February 16th. Benchmark reiterated a “hold” rating and set a $48.30 price objective on shares of Shopify in a research note on Monday, February 13th. Finally, DZ Bank upgraded shares of Shopify from a “sell” rating to a “hold” rating in a research note on Friday, February 24th. Three analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $47.31.

Shopify Stock Performance

NYSE:SHOP opened at $47.94 on Monday. The firm’s 50-day moving average is $45.64 and its 200-day moving average is $38.19. Shopify Inc. has a 52-week low of $23.63 and a 52-week high of $75.88. The company has a debt-to-equity ratio of 0.17, a quick ratio of 7.07 and a current ratio of 7.07. The company has a market cap of $61.20 billion, a price-to-earnings ratio of -17.56 and a beta of 2.04.

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, February 15th. The software maker reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.10. Shopify had a negative net margin of 61.79% and a negative return on equity of 5.62%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.64 billion. Equities research analysts anticipate that Shopify Inc. will post -0.43 earnings per share for the current year.

About Shopify

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Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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