Park National Corp OH lowered its position in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 30.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,015 shares of the software maker’s stock after selling 438 shares during the quarter. Park National Corp OH’s holdings in Shopify were worth $316,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Coastal Investment Advisors Inc. lifted its stake in Shopify by 358.3% in the second quarter. Coastal Investment Advisors Inc. now owns 1,054 shares of the software maker’s stock valued at $316,000 after buying an additional 824 shares during the last quarter. Enlightenment Research LLC acquired a new position in shares of Shopify in the second quarter valued at approximately $1,169,000. Atria Investments LLC increased its holdings in shares of Shopify by 56.5% in the second quarter. Atria Investments LLC now owns 7,150 shares of the software maker’s stock valued at $262,000 after purchasing an additional 2,581 shares during the period. Weaver Consulting Group acquired a new position in shares of Shopify in the first quarter valued at approximately $54,000. Finally, Baillie Gifford & Co. increased its holdings in shares of Shopify by 8.4% in the second quarter. Baillie Gifford & Co. now owns 6,418,913 shares of the software maker’s stock valued at $1,926,637,000 after purchasing an additional 498,874 shares during the period. Institutional investors own 59.68% of the company’s stock.
A number of research analysts have recently issued reports on the company. CIBC lowered Shopify from an “outperform” rating to a “neutral” rating and boosted their target price for the company from $260.00 to $350.00 in a report on Thursday, June 20th. They noted that the move was a valuation call. ValuEngine lowered Shopify from a “buy” rating to a “hold” rating in a report on Wednesday. Mackie boosted their target price on Shopify from $280.00 to $360.00 and gave the company a “buy” rating in a report on Monday, July 15th. Wedbush lowered Shopify from an “outperform” rating to a “neutral” rating and boosted their target price for the company from $270.00 to $305.00 in a report on Tuesday, June 25th. They noted that the move was a valuation call. Finally, UBS Group boosted their target price on Shopify from $295.00 to $395.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the stock. Shopify presently has a consensus rating of “Hold” and a consensus price target of $335.88.
Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.45. Shopify had a negative return on equity of 3.85% and a negative net margin of 5.98%. The firm had revenue of $361.98 million for the quarter, compared to analyst estimates of $350.59 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. Shopify’s quarterly revenue was up 47.8% on a year-over-year basis. On average, equities research analysts predict that Shopify Inc will post -0.82 EPS for the current fiscal year.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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