Assenagon Asset Management S.A. Trims Stake in Shopify Inc. (NYSE:SHOP)

Assenagon Asset Management S.A. lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 96.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,349 shares of the software maker’s stock after selling 928,719 shares during the period. Assenagon Asset Management S.A.’s holdings in Shopify were worth $3,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group increased its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the period. Cultivar Capital Inc. purchased a new position in shares of Shopify during the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify during the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Shopify in the second quarter valued at approximately $39,000. Finally, GAMMA Investing LLC grew its stake in Shopify by 73.5% in the third quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

NYSE SHOP opened at $80.03 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market cap of $103.13 billion, a PE ratio of -470.76, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36. The stock’s 50 day simple moving average is $77.41 and its 200-day simple moving average is $69.25.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) EPS. As a group, equities research analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of several research reports. Royal Bank of Canada upped their target price on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Roth Mkm increased their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. UBS Group boosted their price target on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Truist Financial cut their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Finally, Benchmark reissued a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.21.

Shopify Profile

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.