Shopify Inc. (NYSE:SHOP) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.9% during the 1st quarter, Holdings Channel reports. The fund owned 10,836 shares of the software maker’s stock after selling 800 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Shopify were worth $836,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norden Group LLC acquired a new stake in Shopify in the first quarter valued at approximately $3,618,000. StoneCrest Wealth Management Inc. acquired a new stake in Shopify during the fourth quarter worth approximately $1,164,000. FIL Ltd raised its holdings in Shopify by 1.8% during the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after purchasing an additional 238,596 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Shopify by 4,007.4% during the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock worth $2,807,000 after purchasing an additional 34,624 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC raised its holdings in Shopify by 5.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock worth $335,000 after purchasing an additional 219 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

SHOP stock traded up $0.50 during trading on Friday, hitting $59.94. The stock had a trading volume of 5,250,437 shares, compared to its average volume of 10,005,120. The company’s 50 day moving average price is $62.99 and its two-hundred day moving average price is $71.50. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The stock has a market cap of $77.24 billion, a price-to-earnings ratio of -355.06, a price-to-earnings-growth ratio of 3.44 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, beating the consensus estimate of $0.08 by $0.04. The company 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%. On average, sell-side analysts forecast that Shopify Inc. will post 0.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. Moffett Nathanson cut shares of Shopify from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $74.00 to $65.00 in a report on Thursday, June 6th. Evercore ISI raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Friday, June 14th. JPMorgan Chase & Co. initiated coverage on shares of Shopify in a research report on Tuesday, June 11th. They set an “overweight” rating and a $74.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of Shopify from $85.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, May 9th. Finally, BNP Paribas upgraded shares of Shopify from an “underperform” rating to an “outperform” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.62.

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.