Mutual Advisors LLC Sells 717 Shares of Shopify Inc. (NYSE:SHOP)

Mutual Advisors LLC lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,687 shares of the software maker’s stock after selling 717 shares during the period. Mutual Advisors LLC’s holdings in Shopify were worth $1,971,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group lifted its position in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new stake in Shopify in the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify during the 2nd quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Shopify during the 2nd quarter worth about $39,000. Finally, HighMark Wealth Management LLC grew its holdings in shares of Shopify by 63.3% in the 2nd quarter. HighMark Wealth Management LLC now owns 601 shares of the software maker’s stock valued at $40,000 after acquiring an additional 233 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NYSE:SHOP opened at $78.20 on Friday. 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 market cap of $100.78 billion, a price-to-earnings ratio of -460.00, a PEG ratio of 2.65 and a beta of 2.36. The firm has a 50 day simple moving average of $77.49 and a 200 day simple moving average of $69.31.

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

Analyst Ratings Changes

Several research analysts recently commented on the company. Wells Fargo & Company increased their price target on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Evercore increased their price objective on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a report on Monday, October 7th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and increased their price target for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Finally, DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.