Bay Colony Advisory Group Inc d b a Bay Colony Advisors Sells 315 Shares of Shopify Inc. (NYSE:SHOP)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,736 shares of the software maker’s stock after selling 315 shares during the quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Shopify were worth $380,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group lifted its position in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in shares of Shopify in the 2nd quarter valued at about $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the 2nd quarter valued at about $33,000. Redmont Wealth Advisors LLC bought a new stake in shares of Shopify in the 1st quarter valued at about $42,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Shopify in the 2nd quarter valued at about $39,000. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Roth Mkm increased their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Truist Financial lowered their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Evercore ISI increased their price target on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Argus raised shares of Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Finally, UBS Group increased their price target on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.21.

Shopify Price Performance

SHOP stock opened at $79.86 on Tuesday. The company has a fifty day moving average price of $77.22 and a 200-day moving average price of $69.10. The company has a market capitalization of $102.91 billion, a P/E ratio of -469.76, a PEG ratio of 2.65 and a beta of 2.36. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) earnings per share. As a group, equities analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

Shopify Profile

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.