Shopify Inc. (NYSE:SHOP) Shares Sold by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,820 shares of the software maker’s stock after selling 188 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Shopify were worth $947,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Private Wealth Partners LLC increased its stake in Shopify by 12.4% in the 3rd quarter. Private Wealth Partners LLC now owns 19,940 shares of the software maker’s stock valued at $1,598,000 after buying an additional 2,200 shares during the period. Clear Creek Financial Management LLC increased its stake in shares of Shopify by 2.4% during the third quarter. Clear Creek Financial Management LLC now owns 7,215 shares of the software maker’s stock worth $578,000 after acquiring an additional 172 shares during the period. Fullcircle Wealth LLC acquired a new stake in Shopify in the third quarter valued at about $332,000. Chicago Partners Investment Group LLC boosted its holdings in Shopify by 42.4% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 23,783 shares of the software maker’s stock valued at $1,895,000 after purchasing an additional 7,079 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in Shopify by 1.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 17,147 shares of the software maker’s stock worth $1,374,000 after purchasing an additional 312 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 1.0 %

Shares of Shopify stock opened at $78.99 on Monday. The company has a fifty day moving average price of $77.54 and a 200 day moving average price of $69.39. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $91.57. The stock has a market cap of $101.93 billion, a price-to-earnings ratio of 80.60, a price-to-earnings-growth ratio of 2.62 and a beta of 2.36.

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

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Piper Sandler restated a “neutral” rating and issued a $67.00 price target on shares of Shopify in a research note on Thursday, August 29th. JPMorgan Chase & Co. increased their price target on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Wells Fargo & Company boosted their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Wednesday, September 11th. Morgan Stanley lifted their price target on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Citigroup raised their price objective on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. One investment 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 issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.03.

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.