Shopify Inc. (NYSE:SHOP) Shares Sold by Moors & Cabot Inc.

Moors & Cabot Inc. trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 53.9% during the second quarter, Holdings Channel.com reports. The firm owned 3,677 shares of the software maker’s stock after selling 4,304 shares during the period. Moors & Cabot Inc.’s holdings in Shopify were worth $243,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. DSM Capital Partners LLC purchased a new position in shares of Shopify in the 4th quarter valued at $28,000. Jones Financial Companies Lllp purchased a new position in shares of Shopify in the 4th quarter valued at $28,000. Cultivar Capital Inc. purchased a new position in shares of Shopify in the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify in the 2nd quarter valued at $33,000. Finally, OLD Point Trust & Financial Services N A purchased a new position in shares of Shopify in the 4th quarter valued at $39,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SHOP. Citigroup dropped their target price on shares of Shopify from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Wolfe Research assumed coverage on shares of Shopify in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price on the stock. Wells Fargo & Company raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 11th. Piper Sandler reissued a “neutral” rating and set a $67.00 price objective on shares of Shopify in a research report on Thursday, August 29th. Finally, JMP Securities reissued a “market outperform” rating and set a $80.00 price objective on shares of Shopify in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $77.92.

Shopify Stock Performance

Shares of SHOP opened at $78.71 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 stock has a market cap of $101.43 billion, a P/E ratio of -463.00, a PEG ratio of 2.47 and a beta of 2.35. The company has a 50-day moving average of $68.41 and a two-hundred day moving average of $68.41. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57.

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

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.