Sterling Investment Advisors Ltd. Sells 1,576 Shares of Shopify Inc. (NYSE:SHOP)

Sterling Investment Advisors Ltd. lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,451 shares of the software maker’s stock after selling 1,576 shares during the period. Sterling Investment Advisors Ltd.’s holdings in Shopify were worth $2,408,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. Capital World Investors boosted its holdings in Shopify by 26.2% in 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 during the last quarter. Vanguard Group Inc. boosted its holdings in Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in 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 worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. GQG Partners LLC boosted its holdings in Shopify by 197.9% in 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 during the last quarter. Finally, Capital International Investors boosted its holdings in Shopify by 3.4% in the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after purchasing an additional 542,503 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Truist Financial dropped their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Piper Sandler reiterated a “neutral” rating and set a $67.00 price target on shares of Shopify in a research note on Thursday, August 29th. JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Shopify in a research note on Thursday, August 8th. Finally, UBS Group lifted their price target on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” 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-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.11.

Shopify Stock Performance

SHOP opened at $70.10 on Friday. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company has a market cap of $90.34 billion, a price-to-earnings ratio of -412.35, a PEG ratio of 2.48 and a beta of 2.35. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The firm’s fifty day simple moving average is $66.97 and its two-hundred day simple moving average is $68.73.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business 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%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.08) earnings per share. Equities analysts anticipate 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.