LifePro Asset Management Has $203,000 Stock Position in Shopify Inc. (NYSE:SHOP)

LifePro Asset Management lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 99.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 139 shares of the software maker’s stock after selling 15,412 shares during the quarter. LifePro Asset Management’s holdings in Shopify were worth $203,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in shares of Shopify by 1.9% in the 2nd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 373 shares of the software maker’s stock valued at $546,000 after purchasing an additional 7 shares in the last quarter. Terra Nova Asset Management LLC grew its stake in shares of Shopify by 0.6% during the 2nd quarter. Terra Nova Asset Management LLC now owns 1,365 shares of the software maker’s stock worth $1,994,000 after acquiring an additional 8 shares in the last quarter. Mayflower Financial Advisors LLC boosted its holdings in shares of Shopify by 1.7% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 536 shares of the software maker’s stock valued at $783,000 after buying an additional 9 shares during the last quarter. Checchi Capital Advisers LLC lifted its holdings in Shopify by 1.9% during the 2nd quarter. Checchi Capital Advisers LLC now owns 495 shares of the software maker’s stock valued at $723,000 after purchasing an additional 9 shares during the last quarter. Finally, Cigna Investments Inc. New increased its position in Shopify by 0.6% during the 1st quarter. Cigna Investments Inc. New now owns 1,664 shares of the software maker’s stock worth $1,837,000 after buying an additional 10 shares during the period. 60.06% of the stock is currently owned by institutional investors and hedge funds.

NYSE SHOP traded up $2.33 on Wednesday, hitting $1,453.61. 33,679 shares of the company were exchanged, compared to its average volume of 1,311,272. The firm has a 50 day moving average of $1,515.62 and a two-hundred day moving average of $1,323.14. The company has a market cap of $181.36 billion, a P/E ratio of 75.16, a P/E/G ratio of 28.48 and a beta of 1.45. The company has a current ratio of 16.55, a quick ratio of 16.55 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 1-year low of $839.40 and a 1-year high of $1,650.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, July 28th. The software maker reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $2.01. Shopify had a net margin of 63.65% and a return on equity of 7.15%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.04 billion. Research analysts anticipate that Shopify Inc. will post 2.08 EPS for the current fiscal year.

A number of brokerages have recently commented on SHOP. Zacks Investment Research raised Shopify from a “hold” rating to a “strong-buy” rating and set a $1,514.00 price target on the stock in a research note on Friday, July 16th. DA Davidson increased their price objective on Shopify from $1,275.00 to $1,450.00 and gave the stock a “neutral” rating in a report on Thursday, July 29th. KeyCorp lifted their target price on Shopify from $1,650.00 to $1,750.00 and gave the stock an “overweight” rating in a report on Wednesday, July 28th. Susquehanna Bancshares boosted their target price on Shopify from $1,500.00 to $1,800.00 and gave the stock a “positive” rating in a research report on Thursday, July 22nd. Finally, Stifel Nicolaus boosted their price target on Shopify from $1,600.00 to $1,650.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. They noted that the move was a valuation call. Eleven analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shopify has an average rating of “Buy” and a consensus price target of $1,635.53.

About Shopify

Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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