Shopify Inc (NYSE:SHOP) Stake Lowered by Avitas Wealth Management LLC

Avitas Wealth Management LLC lessened its stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 2.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,849 shares of the software maker’s stock after selling 130 shares during the quarter. Shopify makes up 1.5% of Avitas Wealth Management LLC’s holdings, making the stock its 10th largest holding. Avitas Wealth Management LLC’s holdings in Shopify were worth $4,603,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SHOP. First Trust Advisors LP grew its holdings in Shopify by 15.6% during the 1st quarter. First Trust Advisors LP now owns 3,499 shares of the software maker’s stock valued at $723,000 after buying an additional 472 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Shopify by 139.9% in the 4th quarter. Advisors Asset Management Inc. now owns 451 shares of the software maker’s stock worth $179,000 after buying an additional 263 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Shopify by 15.6% in the 4th quarter. Geode Capital Management LLC now owns 139,648 shares of the software maker’s stock valued at $55,111,000 after acquiring an additional 18,851 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Shopify in the 4th quarter valued at about $1,680,000. Finally, Xcel Wealth Management LLC purchased a new position in Shopify in the first quarter worth about $1,263,000. Institutional investors own 60.17% of the company’s stock.

SHOP stock traded down $24.84 during trading on Friday, hitting $1,024.00. 2,335,705 shares of the company’s stock traded hands, compared to its average volume of 2,893,114. The firm has a market capitalization of $120.08 billion, a P/E ratio of -1,678.66 and a beta of 1.61. Shopify Inc has a 1 year low of $282.08 and a 1 year high of $1,107.92. The business has a fifty day simple moving average of $935.14 and a two-hundred day simple moving average of $641.42.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, July 29th. The software maker reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $1.04. Shopify had a positive return on equity of 0.32% and a negative net margin of 3.25%. The business had revenue of $714.34 million for the quarter, compared to analysts’ expectations of $511.56 million. During the same quarter last year, the firm earned $0.10 EPS. The business’s revenue for the quarter was up 97.3% on a year-over-year basis. On average, sell-side analysts anticipate that Shopify Inc will post -1.56 EPS for the current fiscal year.

A number of brokerages have recently commented on SHOP. Pi Financial reiterated a “buy” rating and issued a $830.00 target price on shares of Shopify in a report on Monday, May 4th. Wells Fargo & Co increased their target price on shares of Shopify from $700.00 to $1,000.00 and gave the company a “hold” rating in a research note on Thursday. Zacks Investment Research raised shares of Shopify from a “hold” rating to a “buy” rating and set a $866.00 price target for the company in a research note on Tuesday, May 26th. Goldman Sachs Group raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $1,127.00 price objective on the stock in a research report on Tuesday, July 28th. Finally, Rosenblatt Securities restated a “buy” rating and set a $1,400.00 target price (up previously from $860.00) on shares of Shopify in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $927.71.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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