C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors cut its position in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 25.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,777 shares of the software maker’s stock after selling 937 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Shopify were worth $223,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently modified their holdings of the business. Capital World Investors increased its stake in shares of Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares in the last quarter. GQG Partners LLC increased its position in shares of Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors raised its stake in Shopify by 3.4% in the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock valued at $1,264,982,000 after purchasing an additional 542,503 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on the stock. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a report on Tuesday, September 17th. Deutsche Bank Aktiengesellschaft upped their target price on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Argus raised shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. JMP Securities restated a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a research report on Tuesday, September 10th. Finally, Truist Financial decreased their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. One equities research 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.97.
Shopify Stock Down 0.8 %
Shares of NYSE:SHOP opened at $82.71 on Friday. The firm has a 50 day simple moving average of $73.12 and a 200-day simple moving average of $68.65. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $106.59 billion, a PE ratio of 84.40, a P/E/G ratio of 2.79 and a beta of 2.36.
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion during 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%. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. On average, equities analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal year.
Shopify Company 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.
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