Oder Investment Management LLC Cuts Stock Position in Shopify Inc. (NYSE:SHOP)

Oder Investment Management LLC cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,906 shares of the software maker’s stock after selling 415 shares during the quarter. Oder Investment Management LLC’s holdings in Shopify were worth $616,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SHOP. Artisan Partners Limited Partnership increased its position in shares of Shopify by 78.4% during the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after purchasing an additional 2,113,773 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Shopify during the third quarter worth approximately $68,746,000. International Assets Investment Management LLC increased its position in shares of Shopify by 6,637.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,188,598 shares of the software maker’s stock worth $92,592,000 after purchasing an additional 1,170,956 shares in the last quarter. Finally, Hudson Bay Capital Management LP acquired a new position in Shopify during the third quarter worth $49,113,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NYSE:SHOP traded down $0.61 on Wednesday, reaching $69.59. The company’s stock had a trading volume of 3,283,166 shares, compared to its average volume of 9,257,608. The stock’s 50-day moving average is $74.93 and its two-hundred day moving average is $73.02. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The stock has a market capitalization of $89.53 billion, a P/E ratio of 770.97 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.07 billion. As a group, sell-side analysts forecast that Shopify Inc. will post 0.58 EPS for the current year.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent research reports. Morgan Stanley raised Shopify from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $74.00 to $85.00 in a research note on Friday, April 19th. CIBC boosted their price objective on Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. DA Davidson boosted their price objective on Shopify from $86.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. BNP Paribas lowered Shopify from a “neutral” rating to an “underperform” rating in a research note on Thursday, January 18th. Finally, Piper Sandler reiterated an “underweight” rating and set a $63.00 price target on shares of Shopify in a report on Thursday, April 11th. Three research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $78.62.

Shopify Company 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.