Varma Mutual Pension Insurance Co Lowers Stake in Shopify Inc. (NYSE:SHOP)

Varma Mutual Pension Insurance Co reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 246,858 shares of the software maker’s stock after selling 10,842 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Shopify were worth $16,310,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SHOP. Private Wealth Management Group LLC bought a new stake in shares of Shopify in the fourth quarter valued at about $26,000. DSM Capital Partners LLC bought a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Jones Financial Companies Lllp bought a new stake in shares of Shopify in the fourth quarter valued at about $28,000. Your Advocates Ltd. LLP raised its holdings in shares of Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after acquiring an additional 391 shares in the last quarter. Finally, Cultivar Capital Inc. bought a new position in Shopify in the second quarter worth about $33,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on SHOP. Wolfe Research began coverage on shares of Shopify in a report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price for the company. Roth Mkm boosted their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. UBS Group boosted their target price on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Cantor Fitzgerald began coverage on shares of Shopify in a report on Thursday. They issued a “neutral” rating and a $70.00 target price for the company. Finally, Wells Fargo & Company boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

Shopify Price Performance

NYSE SHOP opened at $67.01 on Monday. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a 50-day moving average of $66.99 and a two-hundred day moving average of $68.51. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results 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. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) EPS. On average, sell-side analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.