Octavia Wealth Advisors LLC Trims Stake in Shopify Inc. (NYSE:SHOP)

Octavia Wealth Advisors LLC lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,567 shares of the software maker’s stock after selling 1,276 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Shopify were worth $446,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group boosted its stake in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new position in Shopify in the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify during the second quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Shopify during the second quarter valued at $39,000. Finally, Private Wealth Management Group LLC boosted its holdings in shares of Shopify by 53.3% during the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after acquiring an additional 180 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Loop Capital increased their price objective on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday. Roth Mkm raised their target price on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Robert W. Baird upped their price target on shares of Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday. Citigroup boosted their target price on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, KeyCorp assumed coverage on shares of Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective for the company. One 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’s stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average target price of $78.97.

Shopify Trading Up 0.6 %

SHOP stock traded up $0.53 during trading on Friday, hitting $83.24. The company had a trading volume of 3,774,464 shares, compared to its average volume of 9,412,245. The firm has a market capitalization of $107.27 billion, a P/E ratio of 84.94, a PEG ratio of 2.79 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a 50 day simple moving average of $74.19 and a 200-day simple moving average of $68.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (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 analysts’ expectations of $2.01 billion. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Shopify’s revenue was up 20.7% compared to the same quarter last year. As a group, research analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.