Viawealth LLC Cuts Position in Shopify Inc. (NYSE:SHOP)

Viawealth LLC lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,750 shares of the software maker’s stock after selling 1,675 shares during the period. Viawealth LLC’s holdings in Shopify were worth $228,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fairfield Bush & CO. purchased a new position in Shopify during the 1st quarter worth $169,000. Raymond James Trust N.A. grew its position in Shopify by 26.5% during the 1st quarter. Raymond James Trust N.A. now owns 754 shares of the software maker’s stock worth $510,000 after purchasing an additional 158 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Shopify by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker’s stock worth $20,391,000 after purchasing an additional 592 shares during the last quarter. Cetera Investment Advisers grew its position in Shopify by 13.0% during the 1st quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker’s stock worth $3,107,000 after purchasing an additional 527 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in Shopify by 89.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker’s stock worth $295,000 after purchasing an additional 206 shares during the last quarter. Hedge funds and other institutional investors own 60.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on SHOP shares. BNP Paribas downgraded shares of Shopify from a “neutral” rating to an “underperform” rating in a report on Wednesday, May 24th. Scotiabank upped their price objective on shares of Shopify from $60.00 to $65.00 and gave the company a “sector perform” rating in a report on Tuesday, August 1st. Canaccord Genuity Group upgraded Shopify from a “hold” rating to a “buy” rating and upped their target price for the stock from $60.00 to $70.00 in a research note on Thursday, August 31st. TD Securities upped their target price on Shopify from $60.00 to $70.00 and gave the stock a “hold” rating in a research note on Thursday, August 3rd. Finally, The Goldman Sachs Group upped their target price on Shopify from $59.00 to $65.00 and gave the stock a “neutral” rating in a research note on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $65.34.

Shopify Stock Down 2.7 %

SHOP stock opened at $63.02 on Friday. The firm has a market cap of $80.45 billion, a PE ratio of -39.89 and a beta of 2.05. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.71 and a current ratio of 6.71. The firm’s 50 day moving average price is $61.73 and its 200-day moving average price is $55.71. Shopify Inc. has a one year low of $23.63 and a one year high of $71.43.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 2nd. The software maker reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Shopify had a negative net margin of 32.13% and a negative return on equity of 5.36%. On average, equities research analysts anticipate that Shopify Inc. will post -0.09 EPS for the current year.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.