Trueblood Wealth Management LLC Lowers Stake in Shopify Inc. (NYSE:SHOP)

Trueblood Wealth Management LLC reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,333 shares of the software maker’s stock after selling 300 shares during the period. Trueblood Wealth Management LLC’s holdings in Shopify were worth $220,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Private Wealth Partners LLC purchased a new stake in Shopify during the second quarter worth approximately $1,172,000. Vanguard Capital Wealth Advisors lifted its holdings in shares of Shopify by 7.6% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 7,100 shares of the software maker’s stock valued at $469,000 after acquiring an additional 500 shares in the last quarter. BOKF NA boosted its position in Shopify by 36.2% during the 2nd quarter. BOKF NA now owns 7,794 shares of the software maker’s stock worth $515,000 after purchasing an additional 2,072 shares during the period. Achmea Investment Management B.V. raised its position in Shopify by 10.1% in the second quarter. Achmea Investment Management B.V. now owns 85,169 shares of the software maker’s stock valued at $5,628,000 after purchasing an additional 7,789 shares during the period. Finally, American Century Companies Inc. raised its position in Shopify by 61.1% in the second quarter. American Century Companies Inc. now owns 1,444,714 shares of the software maker’s stock valued at $95,439,000 after purchasing an additional 547,700 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Royal Bank of Canada reissued an “outperform” rating and set a $85.00 target price on shares of Shopify in a research report on Thursday, August 8th. Barclays lifted their price target on shares of Shopify from $63.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. KeyCorp assumed coverage on shares of Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Finally, Truist Financial dropped their target price on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus target price of $77.37.

Shopify Trading Up 4.9 %

Shares of Shopify stock opened at $71.51 on Thursday. The business has a fifty day simple moving average of $67.19 and a 200-day simple moving average of $68.43. The firm has a market cap of $92.15 billion, a price-to-earnings ratio of -420.65, a price-to-earnings-growth ratio of 2.25 and a beta of 2.35. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.08) earnings per share. On average, equities analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.