Commonwealth Equity Services LLC Cuts Stake in Shopify Inc. $SHOP

Commonwealth Equity Services LLC cut its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 389,985 shares of the software maker’s stock after selling 9,278 shares during the period. Commonwealth Equity Services LLC’s holdings in Shopify were worth $57,956,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC purchased a new position in shares of Shopify in the second quarter worth $25,000. Financial Gravity Companies Inc. purchased a new stake in Shopify in the 2nd quarter worth $27,000. Rothschild Investment LLC lifted its stake in Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC bought a new position in shares of Shopify during the 3rd quarter valued at about $27,000. Finally, Tradewinds Capital Management LLC grew its position in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 1.3%

NASDAQ SHOP opened at $168.45 on Wednesday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The firm has a market capitalization of $219.29 billion, a price-to-earnings ratio of 124.78, a PEG ratio of 4.94 and a beta of 2.83. The company has a fifty day moving average of $160.56 and a two-hundred day moving average of $147.00.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SHOP. Morgan Stanley reiterated an “overweight” rating and issued a $192.00 target price (up from $165.00) on shares of Shopify in a research report on Wednesday, November 5th. DZ Bank raised Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Robert W. Baird increased their target price on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Canaccord Genuity Group boosted their price target on shares of Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, TD Securities raised shares of Shopify to a “hold” rating in a research note on Thursday, December 4th. Twenty-three research analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $169.14.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.