Axxcess Wealth Management LLC Decreases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Axxcess Wealth Management LLC decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,836 shares of the software maker’s stock after selling 800 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Shopify were worth $836,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Tradition Wealth Management LLC increased its position in shares of Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after acquiring an additional 140 shares during the period. Willis Johnson & Associates Inc. boosted its stake in shares of Shopify by 5.8% during the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock valued at $211,000 after purchasing an additional 149 shares in the last quarter. Nations Financial Group Inc. IA ADV boosted its stake in shares of Shopify by 3.2% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock valued at $377,000 after purchasing an additional 150 shares in the last quarter. Valley National Advisers Inc. boosted its stake in shares of Shopify by 11.4% during the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after purchasing an additional 152 shares in the last quarter. Finally, Capital Advisors Inc. OK boosted its stake in shares of Shopify by 1.7% during the 4th quarter. Capital Advisors Inc. OK now owns 9,283 shares of the software maker’s stock valued at $723,000 after purchasing an additional 153 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP traded up $0.50 during trading on Friday, hitting $59.94. The company’s stock had a trading volume of 5,250,437 shares, compared to its average volume of 10,005,120. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. The firm has a market cap of $77.24 billion, a PE ratio of -355.06, a P/E/G ratio of 3.44 and a beta of 2.30. The business’s 50 day simple moving average is $62.99 and its 200-day simple moving average is $71.50.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. As a group, sell-side analysts predict that Shopify Inc. will post 0.62 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SHOP shares. Wolfe Research started coverage on shares of Shopify in a research note on Tuesday, July 16th. They set an “outperform” rating and a $80.00 target price on the stock. Citigroup lifted their target price on shares of Shopify from $95.00 to $96.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. The Goldman Sachs Group lifted their target price on shares of Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. Moffett Nathanson cut shares of Shopify from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $74.00 to $65.00 in a report on Thursday, June 6th. Finally, Atb Cap Markets upgraded shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.62.

Shopify Company 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.