Integrated Advisors Network LLC Sells 862 Shares of Shopify Inc. (NYSE:SHOP)

Integrated Advisors Network LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,850 shares of the software maker’s stock after selling 862 shares during the quarter. Integrated Advisors Network LLC’s holdings in Shopify were worth $869,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norden Group LLC bought a new stake in Shopify during the 1st quarter worth approximately $3,618,000. Silvercrest Asset Management Group LLC boosted its stake in shares of Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Shopify by 3.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock valued at $15,079,000 after purchasing an additional 7,009 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Shopify by 5.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after purchasing an additional 28,639 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after purchasing an additional 1,657,251 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. UBS Group upped their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Royal Bank of Canada upped their price objective on shares of Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Truist Financial reduced their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Evercore ISI upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average price target of $80.21.

Shopify Stock Performance

NYSE SHOP opened at $80.03 on Thursday. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a 50-day simple moving average of $77.41 and a 200 day simple moving average of $69.25. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The company has a market capitalization of $103.13 billion, a PE ratio of -470.76, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business 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 company posted ($0.08) earnings per share. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, research analysts predict that Shopify Inc. will post 0.76 EPS for the current 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.