Focused Wealth Management Inc Lowers Position in Shopify Inc. (NYSE:SHOP)

Focused Wealth Management Inc trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,273 shares of the software maker’s stock after selling 778 shares during the period. Focused Wealth Management Inc’s holdings in Shopify were worth $583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Norden Group LLC purchased a new position in Shopify during the first quarter valued at approximately $213,000. Whittier Trust Co. boosted its position in Shopify by 16.0% during the 1st quarter. Whittier Trust Co. now owns 4,356 shares of the software maker’s stock valued at $336,000 after acquiring an additional 600 shares in the last quarter. Larson Financial Group LLC boosted its position in Shopify by 428.0% during the 1st quarter. Larson Financial Group LLC now owns 3,221 shares of the software maker’s stock valued at $249,000 after acquiring an additional 2,611 shares in the last quarter. Mediolanum International Funds Ltd purchased a new position in shares of Shopify in the 1st quarter valued at $1,073,000. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in Shopify by 1.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 26,259 shares of the software maker’s stock worth $2,026,000 after purchasing an additional 405 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SHOP. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and increased their price target for the company from $78.00 to $82.00 in a research note on Tuesday, July 16th. Evercore ISI boosted their price target on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Roth Mkm raised their price target on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Citigroup boosted their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of $81.03.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $79.58 on Wednesday. The business’s 50 day moving average price is $77.71 and its 200-day moving average price is $69.52. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $91.57. 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 firm has a market capitalization of $102.69 billion, a PE ratio of 81.20, a P/E/G ratio of 2.64 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) EPS. As a group, equities research analysts expect 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.