Shopify Inc. (NYSE:SHOP) Shares Sold by Rede Wealth LLC

Rede Wealth LLC decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,367 shares of the software maker’s stock after selling 407 shares during the quarter. Rede Wealth LLC’s holdings in Shopify were worth $430,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group raised its holdings 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 during the period. Cultivar Capital Inc. purchased a new position in shares of Shopify during the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the 2nd quarter valued at $33,000. Private Wealth Management Group LLC increased its holdings in Shopify by 53.3% in the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after acquiring an additional 180 shares in the last quarter. Finally, Redmont Wealth Advisors LLC acquired a new position in Shopify during the first quarter worth $42,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 1.3 %

Shopify stock traded up $1.05 during mid-day trading on Friday, hitting $82.68. The company had a trading volume of 3,862,207 shares, compared to its average volume of 9,290,721. 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 1 year low of $45.50 and a 1 year high of $91.57. The business has a fifty day moving average of $76.26 and a 200 day moving average of $68.87. The stock has a market cap of $106.55 billion, a price-to-earnings ratio of 84.37, a PEG ratio of 2.80 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period last year, the business earned ($0.08) EPS. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. On average, sell-side analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on SHOP shares. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and lifted their target price for the company from $78.00 to $82.00 in a research report on Tuesday, July 16th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. KeyCorp initiated coverage on Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price for the company. Royal Bank of Canada lifted their price target on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Argus raised Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $79.36.

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.