Sandler Capital Management Sells 125,928 Shares of Shopify Inc. $SHOP

Sandler Capital Management lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 86.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,795 shares of the software maker’s stock after selling 125,928 shares during the period. Sandler Capital Management’s holdings in Shopify were worth $1,890,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Fourth Dimension Wealth LLC bought a new position in shares of Shopify in the 4th quarter valued at about $30,000. Smithfield Trust Co grew its position in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after acquiring an additional 188 shares during the period. Dagco Inc. bought a new position in shares of Shopify in the 1st quarter valued at about $30,000. Cary Street Partners Investment Advisory LLC grew its position in shares of Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker’s stock valued at $34,000 after acquiring an additional 165 shares during the period. Finally, Accent Capital Management LLC bought a new position in shares of Shopify in the 1st quarter valued at about $46,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SHOP shares. Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the stock a “neutral” rating in a research note on Wednesday, August 27th. JMP Securities boosted their price objective on shares of Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, August 7th. BMO Capital Markets boosted their price objective on shares of Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. Finally, CIBC boosted their target price on shares of Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $150.27.

Shopify Stock Performance

NYSE:SHOP opened at $146.82 on Friday. The firm’s fifty day moving average is $130.92 and its 200-day moving average is $111.16. Shopify Inc. has a 52 week low of $65.86 and a 52 week high of $156.85. The firm has a market cap of $190.82 billion, a P/E ratio of 94.72, a P/E/G ratio of 4.82 and a beta of 2.69.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the previous year, the company earned $0.26 EPS. Shopify’s quarterly revenue was up 31.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.12 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.