Griffin Asset Management Inc. Sells 2,020 Shares of Shopify Inc. (NYSE:SHOP)

Griffin Asset Management Inc. reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,650 shares of the software maker’s stock after selling 2,020 shares during the quarter. Griffin Asset Management Inc.’s holdings in Shopify were worth $1,254,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. First United Bank & Trust raised its stake in shares of Shopify by 22.3% during the 3rd quarter. First United Bank & Trust now owns 4,490 shares of the software maker’s stock worth $360,000 after acquiring an additional 820 shares in the last quarter. Prospect Financial Services LLC purchased a new position in Shopify in the third quarter worth $288,000. NBC Securities Inc. increased its position in shares of Shopify by 32.2% during the third quarter. NBC Securities Inc. now owns 8,808 shares of the software maker’s stock worth $705,000 after purchasing an additional 2,146 shares in the last quarter. Creative Planning lifted its holdings in shares of Shopify by 4.4% during the 3rd quarter. Creative Planning now owns 392,415 shares of the software maker’s stock valued at $31,448,000 after purchasing an additional 16,375 shares during the last quarter. Finally, Wesbanco Bank Inc. grew its stake in Shopify by 0.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 98,106 shares of the software maker’s stock worth $7,862,000 after buying an additional 381 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the topic of several research analyst reports. Robert W. Baird boosted their target price on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Truist Financial dropped their target price on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Barclays boosted their target price on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Shopify in a research note on Tuesday, September 10th. Finally, Evercore boosted their price target on Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $78.97.

Shopify Price Performance

SHOP stock opened at $81.94 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 business has a 50 day simple moving average of $75.37 and a 200-day simple moving average of $68.72. The firm has a market capitalization of $105.59 billion, a PE ratio of 83.61, a price-to-earnings-growth 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.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion during 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%. The business’s revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.08) earnings per share. Equities research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal 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.