Exchange Traded Concepts LLC Trims Holdings in Shopify Inc. (NYSE:SHOP)

Exchange Traded Concepts LLC lowered its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 20.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 34,750 shares of the software maker’s stock after selling 9,028 shares during the period. Exchange Traded Concepts LLC’s holdings in Shopify were worth $2,785,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV lifted its stake in Shopify by 7.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after acquiring an additional 129 shares during the period. Willis Johnson & Associates Inc. lifted its position in shares of Shopify by 5.8% in the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after purchasing an additional 149 shares during the period. Valley National Advisers Inc. boosted its stake in shares of Shopify by 11.4% during the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after purchasing an additional 152 shares in the last quarter. Guardian Asset Advisors LLC increased its position in shares of Shopify by 3.0% during the third quarter. Guardian Asset Advisors LLC now owns 5,582 shares of the software maker’s stock valued at $447,000 after buying an additional 160 shares during the period. Finally, Axiom Advisory LLC raised its stake in Shopify by 1.6% in the third quarter. Axiom Advisory LLC now owns 10,880 shares of the software maker’s stock worth $872,000 after buying an additional 170 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SHOP. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upped their price target on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and boosted their target price for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. Wolfe Research initiated coverage on shares of Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target for the company. Finally, DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.97.

Shopify Trading Up 0.5 %

Shares of SHOP stock opened at $83.67 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 company has a market cap of $107.82 billion, a price-to-earnings ratio of 85.38, a PEG ratio of 2.77 and a beta of 2.36. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The firm has a fifty day moving average price of $74.81 and a 200-day moving average price of $68.69.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, equities analysts predict that Shopify Inc. will post 0.76 earnings per share 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.