Shopify Inc. (NYSE:SHOP) Shares Sold by Ossiam

Ossiam lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.8% during the first quarter, Holdings Channel reports. The institutional investor owned 85,815 shares of the software maker’s stock after selling 4,288 shares during the period. Ossiam’s holdings in Shopify were worth $6,627,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HB Wealth Management LLC grew its holdings in shares of Shopify by 22.2% in the 4th quarter. HB Wealth Management LLC now owns 5,517 shares of the software maker’s stock worth $430,000 after acquiring an additional 1,002 shares during the period. CoreCap Advisors LLC acquired a new stake in Shopify in the fourth quarter valued at $244,000. Salem Investment Counselors Inc. increased its position in shares of Shopify by 1,112.0% in the fourth quarter. Salem Investment Counselors Inc. now owns 606 shares of the software maker’s stock valued at $47,000 after buying an additional 556 shares in the last quarter. Raymond James & Associates raised its stake in shares of Shopify by 7.1% during the 4th quarter. Raymond James & Associates now owns 1,008,854 shares of the software maker’s stock worth $78,590,000 after buying an additional 66,967 shares during the last quarter. Finally, CVA Family Office LLC purchased a new stake in shares of Shopify in the 4th quarter worth about $86,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on SHOP shares. Barclays dropped their target price on shares of Shopify from $68.00 to $63.00 and set an “equal weight” rating for the company in a report on Thursday, May 9th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and increased their target price for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. JPMorgan Chase & Co. started coverage on Shopify in a report on Tuesday, June 11th. They issued an “overweight” rating and a $74.00 price target for the company. TD Securities decreased their price objective on Shopify from $80.00 to $72.00 and set a “hold” rating on the stock in a research note on Thursday, May 9th. Finally, Royal Bank of Canada dropped their price objective on Shopify from $100.00 to $85.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $77.62.

Shopify Stock Up 0.3 %

Shares of NYSE SHOP traded up $0.16 on Thursday, hitting $59.43. The company had a trading volume of 6,866,712 shares, compared to its average volume of 10,038,546. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The firm has a market capitalization of $76.59 billion, a P/E ratio of -349.59, a PEG ratio of 3.64 and a beta of 2.30. The business has a 50 day moving average of $62.99 and a two-hundred day moving average of $71.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. As a group, equities research analysts forecast that Shopify Inc. will post 0.62 earnings per share for the current fiscal year.

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.