Long Walk Management LP Sells 105,000 Shares of Shopify Inc. (NYSE:SHOP)

Long Walk Management LP lessened its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 45.7% during the 4th quarter, HoldingsChannel reports. The firm owned 125,000 shares of the software maker’s stock after selling 105,000 shares during the period. Shopify accounts for approximately 4.8% of Long Walk Management LP’s portfolio, making the stock its 11th largest position. Long Walk Management LP’s holdings in Shopify were worth $13,291,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. PFG Private Wealth Management LLC raised its position in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. New Wave Wealth Advisors LLC bought a new position in shares of Shopify during the 4th quarter valued at approximately $39,000. Mather Group LLC. raised its holdings in Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after buying an additional 184 shares during the period. Brooklyn Investment Group bought a new stake in Shopify in the third quarter worth $33,000. Finally, Sierra Ocean LLC purchased a new position in Shopify during the fourth quarter worth $46,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 4.7 %

Shares of Shopify stock opened at $94.88 on Friday. The company has a market cap of $122.86 billion, a P/E ratio of 61.22, a PEG ratio of 4.82 and a beta of 2.60. The firm’s 50 day moving average price is $110.88 and its 200-day moving average price is $98.59. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. Barclays increased their target price on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. CIBC increased their price objective on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group boosted their target price on Shopify from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 12th. UBS Group increased their price target on Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Finally, DA Davidson raised their price target on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $126.31.

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.