Financial Perspectives Inc Lowers Stake in Shopify Inc. (NYSE:SHOP)

Financial Perspectives Inc trimmed its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.3% during the fourth quarter, Holdings Channel reports. The firm owned 15,051 shares of the software maker’s stock after selling 2,720 shares during the quarter. Financial Perspectives Inc’s holdings in Shopify were worth $1,172,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of SHOP. StoneCrest Wealth Management Inc. purchased a new stake in Shopify during the 4th quarter worth about $1,164,000. Asset Management One Co. Ltd. raised its holdings in Shopify by 4,007.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after acquiring an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in Shopify in the fourth quarter valued at approximately $433,000. Bleakley Financial Group LLC lifted its stake in Shopify by 18.5% in the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock worth $840,000 after acquiring an additional 1,681 shares during the last quarter. Finally, Advisor Resource Council acquired a new position in Shopify during the 4th quarter worth approximately $1,488,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of NYSE SHOP traded up $3.47 during midday trading on Tuesday, hitting $74.02. The company had a trading volume of 9,507,178 shares, compared to its average volume of 9,473,095. The firm has a market capitalization of $95.23 billion, a price-to-earnings ratio of 784.20 and a beta of 2.22. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The business has a 50-day simple moving average of $75.98 and a two-hundred day simple moving average of $72.25. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%. Equities research analysts anticipate that Shopify Inc. will post 0.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SHOP shares. Piper Sandler reaffirmed an “underweight” rating and set a $63.00 price objective on shares of Shopify in a research report on Thursday, April 11th. Wedbush reiterated a “neutral” rating and issued a $68.00 price objective on shares of Shopify in a report on Tuesday, February 13th. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a research report on Tuesday, April 16th. Barclays dropped their price target on shares of Shopify from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 14th. Finally, BNP Paribas downgraded shares of Shopify from a “neutral” rating to an “underperform” rating in a research report on Thursday, January 18th. Four investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $78.30.

Shopify 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.