Gladstone Institutional Advisory LLC Trims Holdings in Shopify Inc. (NYSE:SHOP)

Gladstone Institutional Advisory LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,961 shares of the software maker’s stock after selling 3,186 shares during the quarter. Gladstone Institutional Advisory LLC’s holdings in Shopify were worth $718,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SHOP. GQG Partners LLC lifted its holdings in Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares during the last quarter. Capital World Investors raised its position in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Shopify by 49.9% during the 2nd quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares during the period. Finally, Toronto Dominion Bank increased its position in shares of Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after purchasing an additional 1,983,996 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 1.0 %

Shopify stock opened at $78.99 on Monday. The company has a market capitalization of $101.93 billion, a P/E ratio of 80.60, a PEG ratio of 2.62 and a beta of 2.36. 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 Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $91.57. The stock has a 50-day simple moving average of $77.54 and a 200-day simple moving average of $69.39.

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

Analyst Upgrades and Downgrades

SHOP has been the subject of several research analyst reports. Barclays increased their target price on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. KeyCorp started coverage on shares of Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Evercore ISI boosted their target price on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Wedbush restated a “neutral” rating and set a $72.00 price target (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Finally, Morgan Stanley boosted their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $81.03.

Shopify Company 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.