Traynor Capital Management Inc. Has $493,000 Stock Holdings in Shopify Inc. (NYSE:SHOP)

Traynor Capital Management Inc. trimmed its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 21.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,154 shares of the software maker’s stock after selling 1,691 shares during the period. Traynor Capital Management Inc.’s holdings in Shopify were worth $493,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new position in Shopify during the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify in the 2nd quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify in the 2nd quarter valued at $39,000. Finally, HighMark Wealth Management LLC raised its position in shares of Shopify by 63.3% during the second quarter. HighMark Wealth Management LLC now owns 601 shares of the software maker’s stock worth $40,000 after acquiring an additional 233 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 1.0 %

Shares of NYSE SHOP opened at $79.86 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock has a market capitalization of $102.91 billion, a P/E ratio of -469.76, a PEG ratio of 2.65 and a beta of 2.36. The firm’s 50 day simple moving average is $77.22 and its two-hundred day simple moving average is $69.10. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data 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 firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the company earned ($0.08) EPS. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the topic of several recent research reports. Scotiabank raised their price target on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday, October 24th. Robert W. Baird boosted their price target on shares of Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Roth Mkm raised their price objective on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. KeyCorp assumed coverage on shares of Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price for the company. Finally, JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Shopify in a research note on Tuesday, September 10th. 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 company. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $80.21.

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.