LPL Financial LLC Sells 121,651 Shares of Shopify Inc. (NYSE:SHOP)

LPL Financial LLC trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.7% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 918,861 shares of the software maker’s stock after selling 121,651 shares during the quarter. LPL Financial LLC’s holdings in Shopify were worth $60,691,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Private Wealth Management Group LLC bought a new stake in shares of Shopify during the 4th quarter valued at about $26,000. DSM Capital Partners LLC bought a new stake in shares of Shopify during the 4th quarter valued at about $28,000. Jones Financial Companies Lllp bought a new stake in shares of Shopify during the 4th quarter valued at about $28,000. Cultivar Capital Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at about $33,000. Finally, OLD Point Trust & Financial Services N A bought a new stake in shares of Shopify during the 4th quarter valued at about $39,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

SHOP stock opened at $72.45 on Friday. 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 business’s fifty day simple moving average is $67.38 and its two-hundred day simple moving average is $68.36. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The firm has a market cap of $93.36 billion, a price-to-earnings ratio of -426.18, a PEG ratio of 2.40 and a beta of 2.35.

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, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter last year, the firm posted ($0.08) earnings per share. The business’s revenue was up 20.7% compared to the same quarter last year. Analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on SHOP. Cantor Fitzgerald began coverage on Shopify in a research note on Thursday, September 5th. They set a “neutral” rating and a $70.00 price target for the company. The Goldman Sachs Group lifted their price objective on Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Loop Capital lifted their price objective on Shopify from $68.00 to $80.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, Citigroup lowered their price objective on Shopify from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $77.37.

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.