Shopify Inc. (NYSE:SHOP) Shares Sold by Occidental Asset Management LLC

Occidental Asset Management LLC decreased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 2,929 shares of the software maker’s stock after selling 364 shares during the period. Occidental Asset Management LLC’s holdings in Shopify were worth $235,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group lifted its stake in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. purchased a new position in shares of Shopify during the second quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new stake in Shopify in the second quarter valued at $33,000. Private Wealth Management Group LLC raised its stake in shares of Shopify by 53.3% during the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after buying an additional 180 shares during the last quarter. Finally, Redmont Wealth Advisors LLC acquired a new stake in Shopify during the first quarter worth about $42,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 2.1 %

Shares of NYSE SHOP opened at $81.94 on Wednesday. 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 business’s 50 day moving average is $75.37 and its two-hundred day moving average is $68.72. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The firm has a market cap of $105.59 billion, a price-to-earnings ratio of 83.61, a PEG ratio of 2.77 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced 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 company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same period last year, the business posted ($0.08) EPS. Research analysts predict that Shopify Inc. will post 0.76 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on SHOP. 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. Piper Sandler reissued a “neutral” rating and issued a $67.00 price objective on shares of Shopify in a report on Thursday, August 29th. Evercore ISI increased their target price on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Wolfe Research assumed coverage on shares of Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target on the stock. Finally, Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $78.97.

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.