Crestwood Advisors Group LLC Sells 1,225 Shares of Shopify Inc. (NYSE:SHOP)

Crestwood Advisors Group LLC decreased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 53,862 shares of the software maker’s stock after selling 1,225 shares during the period. Crestwood Advisors Group LLC’s holdings in Shopify were worth $4,317,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in SHOP. Norden Group LLC bought a new stake in Shopify in the first quarter worth about $213,000. Whittier Trust Co. raised its position in Shopify by 16.0% in the first quarter. Whittier Trust Co. now owns 4,356 shares of the software maker’s stock worth $336,000 after acquiring an additional 600 shares during the period. Larson Financial Group LLC raised its position in Shopify by 428.0% in the first quarter. Larson Financial Group LLC now owns 3,221 shares of the software maker’s stock worth $249,000 after acquiring an additional 2,611 shares during the period. Mediolanum International Funds Ltd bought a new stake in Shopify in the first quarter worth about $1,073,000. Finally, Envestnet Portfolio Solutions Inc. raised its position in Shopify by 1.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 26,259 shares of the software maker’s stock worth $2,026,000 after acquiring an additional 405 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 1.5 %

NYSE:SHOP opened at $79.58 on Wednesday. The company has a fifty day moving average of $77.71 and a 200 day moving average of $69.52. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $91.57. 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 firm has a market capitalization of $102.69 billion, a P/E ratio of 81.20, a P/E/G ratio of 2.64 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly 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. 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 analyst estimates of $2.01 billion. During the same period in the prior year, the business posted ($0.08) EPS. The firm’s revenue was up 20.7% compared to the same quarter last year. On average, research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Argus upgraded shares of Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Piper Sandler reiterated a “neutral” rating and issued a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. Robert W. Baird lifted their target price on shares of Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Evercore lifted their target price on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Finally, Scotiabank lifted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. One investment 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $81.03.

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.