Johnson Investment Counsel Inc. Sells 251 Shares of Shopify Inc. (NYSE:SHOP)

Johnson Investment Counsel Inc. cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 7,729 shares of the software maker’s stock after selling 251 shares during the period. Johnson Investment Counsel Inc.’s holdings in Shopify were worth $510,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SHOP. GQG Partners LLC lifted its position in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Norges Bank bought a new position in Shopify in the 4th quarter valued at approximately $1,049,089,000. Capital World Investors lifted its position in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares in the last quarter. Finally, Toronto Dominion Bank lifted its holdings in shares of Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after buying an additional 1,983,996 shares during the period. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in 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 report on Wednesday. Benchmark reissued a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Argus raised Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Bank of America raised 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 report on Tuesday, July 16th. Finally, JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Shopify in a report on Tuesday, September 10th. One investment 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 assigned a strong buy rating to the stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and a consensus price target of $77.37.

Shopify Price Performance

SHOP stock opened at $72.45 on Friday. The company has a fifty day simple moving average of $67.38 and a two-hundred day simple moving average of $68.36. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. 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 firm has a market capitalization of $93.36 billion, a P/E ratio of -426.18, a price-to-earnings-growth ratio of 2.40 and a beta of 2.35.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS 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 during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter last year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. Analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

About Shopify

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.