MCF Advisors LLC Sells 280 Shares of Shopify Inc. (NYSE:SHOP)

MCF Advisors LLC trimmed its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,840 shares of the software maker’s stock after selling 280 shares during the quarter. MCF Advisors LLC’s holdings in Shopify were worth $122,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Wealthcare Advisory Partners LLC lifted its position in Shopify by 9.0% in the 4th quarter. Wealthcare Advisory Partners LLC now owns 4,121 shares of the software maker’s stock valued at $321,000 after acquiring an additional 341 shares in the last quarter. Private Advisor Group LLC boosted its stake in shares of Shopify by 7.5% during the 4th quarter. Private Advisor Group LLC now owns 31,572 shares of the software maker’s stock worth $2,459,000 after buying an additional 2,208 shares during the last quarter. Lincoln National Corp boosted its stake in shares of Shopify by 11.2% during the 4th quarter. Lincoln National Corp now owns 7,907 shares of the software maker’s stock worth $616,000 after buying an additional 794 shares during the last quarter. Principal Securities Inc. acquired a new position in shares of Shopify during the 4th quarter worth about $686,000. Finally, Schaper Benz & Wise Investment Counsel Inc. WI acquired a new position in shares of Shopify during the 4th quarter worth about $202,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

NYSE SHOP opened at $67.01 on Friday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $86.35 billion, a price-to-earnings ratio of -394.18, a P/E/G ratio of 2.48 and a beta of 2.35. The firm’s 50 day simple moving average is $66.99 and its 200 day simple moving average is $68.63. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on SHOP shares. Royal Bank of Canada restated an “outperform” rating and set a $85.00 price objective on shares of Shopify in a research note on Thursday, August 8th. The Goldman Sachs Group increased their price objective on shares of Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th. Wedbush restated a “neutral” rating and set a $72.00 price objective (up from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Finally, Truist Financial dropped their target price 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 analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $77.11.

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.