Shopify Inc (NYSE:SHOP) Shares Sold by PRW Wealth Management LLC

PRW Wealth Management LLC lessened its holdings in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 21.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,195 shares of the software maker’s stock after selling 1,150 shares during the period. Shopify makes up approximately 1.6% of PRW Wealth Management LLC’s portfolio, making the stock its 20th biggest holding. PRW Wealth Management LLC’s holdings in Shopify were worth $1,306,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Ascent Wealth Partners LLC boosted its position in Shopify by 13.8% during the third quarter. Ascent Wealth Partners LLC now owns 5,962 shares of the software maker’s stock worth $1,858,000 after purchasing an additional 721 shares in the last quarter. Coastal Investment Advisors Inc. boosted its position in Shopify by 358.3% during the second quarter. Coastal Investment Advisors Inc. now owns 1,054 shares of the software maker’s stock worth $316,000 after purchasing an additional 824 shares in the last quarter. Enlightenment Research LLC purchased a new stake in Shopify during the second quarter worth $1,169,000. Atria Investments LLC boosted its position in Shopify by 56.5% during the second quarter. Atria Investments LLC now owns 7,150 shares of the software maker’s stock worth $262,000 after purchasing an additional 2,581 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its position in Shopify by 8.4% during the second quarter. Baillie Gifford & Co. now owns 6,418,913 shares of the software maker’s stock worth $1,926,637,000 after purchasing an additional 498,874 shares in the last quarter. 58.19% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have commented on SHOP shares. National Bank Financial set a $400.00 target price on Shopify and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Bank of America upped their price objective on Shopify from $185.00 to $300.00 and gave the company an “underperform” rating in a research report on Friday, August 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $400.00 price objective on shares of Shopify in a research report on Monday, October 28th. KeyCorp upped their price objective on Shopify from $350.00 to $385.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. Finally, William Blair restated a “hold” rating on shares of Shopify in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have issued a buy rating to the company’s stock. Shopify has an average rating of “Hold” and a consensus target price of $341.30.

Shopify stock traded up $11.89 during trading on Friday, hitting $297.64. The company’s stock had a trading volume of 2,481,088 shares, compared to its average volume of 1,956,232. The stock has a market capitalization of $33.43 billion, a price-to-earnings ratio of -487.93 and a beta of 1.18. The stock’s fifty day moving average is $315.54 and its 200 day moving average is $314.28. Shopify Inc has a 1-year low of $117.64 and a 1-year high of $409.61. The company has a debt-to-equity ratio of 0.04, a quick ratio of 11.21 and a current ratio of 11.21.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, October 29th. The software maker reported ($0.20) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.08. The firm had revenue of $390.55 million during the quarter, compared to analyst estimates of $384.05 million. Shopify had a negative return on equity of 3.36% and a negative net margin of 8.97%. On average, research analysts anticipate that Shopify Inc will post -0.84 EPS for the current fiscal year.

Shopify Profile

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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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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