Marsico Capital Management LLC Trims Position in Shopify Inc. (NYSE:SHOP)

Marsico Capital Management LLC trimmed its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 62.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 118,022 shares of the software maker’s stock after selling 193,409 shares during the period. Marsico Capital Management LLC’s holdings in Shopify were worth $7,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. DSM Capital Partners LLC purchased a new position in Shopify during the 4th quarter worth $28,000. Jones Financial Companies Lllp bought a new position in shares of Shopify during the 4th quarter worth $28,000. OLD Point Trust & Financial Services N A purchased a new position in shares of Shopify during the fourth quarter valued at $39,000. Cultivar Capital Inc. bought a new stake in shares of Shopify in the second quarter valued at about $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new stake in Shopify in the second quarter worth about $33,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Moffett Nathanson lowered shares of Shopify from a “buy” rating to a “neutral” rating and cut their price objective for the company from $74.00 to $65.00 in a report on Thursday, June 6th. Barclays raised their price target on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Evercore increased their price objective on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Stock Up 1.2 %

Shares of NYSE:SHOP opened at $74.48 on Wednesday. The company has a market capitalization of $95.98 billion, a price-to-earnings ratio of -438.12, a PEG ratio of 2.39 and a beta of 2.35. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The business has a 50-day moving average price of $67.67 and a 200 day moving average price of $68.27. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (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. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the business earned ($0.08) earnings per share. The business’s revenue for the quarter was up 20.7% on a year-over-year basis. Sell-side analysts expect that Shopify Inc. will post 0.76 EPS for the current 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.