Triasima Portfolio Management inc. Decreases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Triasima Portfolio Management inc. cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 54.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 363,975 shares of the software maker’s stock after selling 434,215 shares during the quarter. Shopify accounts for about 2.2% of Triasima Portfolio Management inc.’s investment portfolio, making the stock its 16th largest holding. Triasima Portfolio Management inc.’s holdings in Shopify were worth $24,043,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Caprock Group LLC lifted its position in Shopify by 37.5% during the second quarter. Caprock Group LLC now owns 15,996 shares of the software maker’s stock valued at $1,057,000 after purchasing an additional 4,365 shares in the last quarter. Certuity LLC increased its holdings in Shopify by 6.6% in the 2nd quarter. Certuity LLC now owns 19,369 shares of the software maker’s stock worth $1,281,000 after acquiring an additional 1,196 shares in the last quarter. Napean Trading & Investment Co Singapore PTE Ltd lifted its position in shares of Shopify by 32.4% in the second quarter. Napean Trading & Investment Co Singapore PTE Ltd now owns 129,354 shares of the software maker’s stock valued at $8,544,000 after acquiring an additional 31,660 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Shopify by 90.9% in the 2nd quarter. Acadian Asset Management LLC now owns 56,463 shares of the software maker’s stock worth $3,727,000 after purchasing an additional 26,885 shares during the period. Finally, Asset Dedication LLC increased its holdings in Shopify by 33.2% in the 2nd quarter. Asset Dedication LLC now owns 2,408 shares of the software maker’s stock valued at $159,000 after acquiring an additional 600 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SHOP shares. Cantor Fitzgerald initiated coverage on shares of Shopify in a research note on Thursday. They issued a “neutral” rating and a $70.00 target price on the stock. Wolfe Research began coverage on shares of Shopify in a research note on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on shares of Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Piper Sandler restated a “neutral” rating and set a $67.00 price objective on shares of Shopify in a report on Thursday, August 29th. Finally, Truist Financial cut their price target 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. One investment 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. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

Shopify Trading Down 4.4 %

Shares of Shopify stock traded down $3.10 on Friday, hitting $67.01. 7,380,375 shares of the company’s stock traded hands, compared to its average volume of 6,975,018. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The company has a fifty day moving average of $66.99 and a two-hundred day moving average of $68.56. The company has a market capitalization of $86.35 billion, a price-to-earnings ratio of -394.18, a price-to-earnings-growth ratio of 2.35 and a beta of 2.35.

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