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

Revolve Wealth Partners LLC lowered its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.5% in the third quarter, Holdings Channel.com reports. The fund owned 17,347 shares of the software maker’s stock after selling 1,408 shares during the quarter. Revolve Wealth Partners LLC’s holdings in Shopify were worth $1,390,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SHOP. Capital World Investors increased its position in shares of Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. grew its stake in Shopify by 1.7% in the 1st 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 increased its holdings in Shopify by 21.2% during the 1st 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 raised its position in 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 acquiring an additional 13,885,473 shares during the last quarter. Finally, Capital International Investors raised its position in Shopify by 3.4% during the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after acquiring an additional 542,503 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of SHOP stock opened at $82.68 on Friday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a market capitalization of $106.55 billion, a PE ratio of 84.37, a price-to-earnings-growth ratio of 2.80 and a beta of 2.36. 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 firm has a fifty day simple moving average of $76.26 and a 200-day simple moving average of $68.87.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the company posted ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SHOP. Wedbush reissued a “neutral” rating and set a $72.00 price objective (up from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research report on Monday, October 7th. Loop Capital increased their price objective on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada boosted their target price on shares of Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average 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.