Avitas Wealth Management LLC Reduces Stock Position in Shopify Inc. (NYSE:SHOP)

Avitas Wealth Management LLC lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,369 shares of the software maker’s stock after selling 214 shares during the period. Avitas Wealth Management LLC’s holdings in Shopify were worth $1,713,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Miracle Mile Advisors LLC increased its holdings in Shopify by 10.1% during the first quarter. Miracle Mile Advisors LLC now owns 3,444 shares of the software maker’s stock valued at $266,000 after buying an additional 316 shares during the last quarter. SeaCrest Wealth Management LLC increased its stake in shares of Shopify by 6.6% in the 1st quarter. SeaCrest Wealth Management LLC now owns 6,195 shares of the software maker’s stock worth $478,000 after purchasing an additional 382 shares in the last quarter. Valley National Advisers Inc. raised its holdings in Shopify by 11.4% in the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after purchasing an additional 152 shares during the period. Lake Street Private Wealth LLC lifted its position in Shopify by 21.4% during the first quarter. Lake Street Private Wealth LLC now owns 9,675 shares of the software maker’s stock valued at $747,000 after purchasing an additional 1,705 shares in the last quarter. Finally, Norden Group LLC bought a new stake in Shopify during the first quarter valued at about $3,618,000. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on SHOP shares. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Wolfe Research initiated coverage on shares of Shopify in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. KeyCorp began coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Finally, Citigroup raised their price target on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.21.

Shopify Trading Up 0.7 %

Shares of SHOP opened at $80.40 on Wednesday. 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 firm has a market capitalization of $103.61 billion, a price-to-earnings ratio of -472.94, a PEG ratio of 2.65 and a beta of 2.36. The company has a 50-day moving average of $77.33 and a 200 day moving average of $69.17. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same period last year, the business posted ($0.08) EPS. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. On average, research analysts expect 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.