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

SVB Wealth LLC cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.3% in the first quarter, HoldingsChannel reports. The firm owned 6,115 shares of the software maker’s stock after selling 1,106 shares during the period. SVB Wealth LLC’s holdings in Shopify were worth $472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its position in Shopify by 537.6% in the 4th quarter. Blue Trust Inc. now owns 1,339 shares of the software maker’s stock worth $104,000 after purchasing an additional 1,129 shares in the last quarter. Pinnacle Associates Ltd. purchased a new stake in Shopify during the fourth quarter worth $274,000. Secure Asset Management LLC acquired a new stake in Shopify during the fourth quarter valued at $245,000. Ascent Wealth Partners LLC increased its holdings in Shopify by 2.4% in the fourth quarter. Ascent Wealth Partners LLC now owns 24,337 shares of the software maker’s stock valued at $1,896,000 after buying an additional 575 shares in the last quarter. Finally, StoneCrest Wealth Management Inc. acquired a new position in shares of Shopify in the fourth quarter worth about $1,164,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Loop Capital cut their price target on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Monday, April 15th. The Goldman Sachs Group upped their target price on Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th. Royal Bank of Canada dropped their price target on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. CIBC cut their price target on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating for the company in a report on Thursday, May 9th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target of $77.62.

Shopify Stock Up 1.1 %

SHOP stock traded up $0.65 during trading on Tuesday, hitting $60.52. 1,618,901 shares of the company’s stock were exchanged, compared to its average volume of 9,913,125. The business has a 50-day moving average price of $63.04 and a two-hundred day moving average price of $71.10. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $77.99 billion, a price-to-earnings ratio of -352.12, a PEG ratio of 3.47 and a beta of 2.30. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. As a group, equities research analysts expect that Shopify Inc. will post 0.62 EPS for the current 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.