Financial Enhancement Group LLC Sells 1,871 Shares of Shopify Inc. (NYSE:SHOP)

Financial Enhancement Group LLC decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 98.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26 shares of the software maker’s stock after selling 1,871 shares during the quarter. Financial Enhancement Group LLC’s holdings in Shopify were worth $38,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Greenleaf Trust lifted its stake in Shopify by 4.0% in the second quarter. Greenleaf Trust now owns 390 shares of the software maker’s stock valued at $570,000 after buying an additional 15 shares in the last quarter. Cresset Asset Management LLC raised its holdings in shares of Shopify by 0.7% in the second quarter. Cresset Asset Management LLC now owns 3,266 shares of the software maker’s stock valued at $4,772,000 after purchasing an additional 23 shares during the last quarter. Moors & Cabot Inc. increased its holdings in Shopify by 5.8% during the second quarter. Moors & Cabot Inc. now owns 1,492 shares of the software maker’s stock worth $2,180,000 after buying an additional 82 shares during the last quarter. Mission Wealth Management LP increased its holdings in Shopify by 133.5% during the second quarter. Mission Wealth Management LP now owns 1,338 shares of the software maker’s stock worth $1,955,000 after buying an additional 765 shares during the last quarter. Finally, Cigna Investments Inc. New increased its holdings in Shopify by 2.0% during the second quarter. Cigna Investments Inc. New now owns 1,698 shares of the software maker’s stock worth $2,486,000 after buying an additional 34 shares during the last quarter. 60.06% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have commented on SHOP. Canaccord Genuity upped their price objective on shares of Shopify from $1,350.00 to $1,450.00 and gave the company a “hold” rating in a report on Thursday, July 29th. Stifel Nicolaus increased their target price on shares of Shopify from $1,600.00 to $1,650.00 and gave the company a “buy” rating in a research report on Wednesday, July 28th. They noted that the move was a valuation call. National Bankshares increased their price target on Shopify from $1,650.00 to $2,000.00 and gave the stock an “outperform” rating in a report on Friday, July 16th. Oppenheimer increased their price target on Shopify from $1,500.00 to $1,700.00 and gave the stock an “outperform” rating in a report on Wednesday, July 28th. Finally, Rosenblatt Securities increased their price target on Shopify from $1,900.00 to $2,000.00 and gave the stock a “buy” rating in a report on Thursday, July 29th. Eleven research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Buy” and a consensus price target of $1,635.53.

SHOP stock traded down $16.41 during midday trading on Friday, hitting $1,459.56. The stock had a trading volume of 13,722 shares, compared to its average volume of 1,304,446. The firm has a market cap of $182.10 billion, a price-to-earnings ratio of 76.20, a price-to-earnings-growth ratio of 28.48 and a beta of 1.45. The business has a 50-day moving average of $1,514.97 and a two-hundred day moving average of $1,325.25. Shopify Inc. has a 52-week low of $839.40 and a 52-week high of $1,650.00. The company has a debt-to-equity ratio of 0.10, a current ratio of 16.55 and a quick ratio of 16.55.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, July 28th. The software maker reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $2.01. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.04 billion. Shopify had a return on equity of 7.15% and a net margin of 63.65%. Research analysts predict that Shopify Inc. will post 2.08 earnings per share for the current year.

Shopify Company Profile

Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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