Octavia Wealth Advisors LLC Cuts Position in Shopify Inc. (NYSE:SHOP)

Octavia Wealth Advisors LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.6% in the third quarter, HoldingsChannel reports. The firm owned 5,567 shares of the software maker’s stock after selling 1,276 shares during the period. Octavia Wealth Advisors LLC’s holdings in Shopify were worth $446,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC raised its stake in shares of Shopify by 19.4% during the 3rd quarter. Valeo Financial Advisors LLC now owns 17,289 shares of the software maker’s stock worth $1,386,000 after acquiring an additional 2,811 shares in the last quarter. Davies Financial Advisors Inc. acquired a new position in shares of Shopify during the third quarter worth $204,000. JGP Wealth Management LLC lifted its holdings in shares of Shopify by 4.6% during the 3rd quarter. JGP Wealth Management LLC now owns 5,006 shares of the software maker’s stock valued at $401,000 after purchasing an additional 219 shares during the last quarter. Congress Park Capital LLC grew its stake in Shopify by 16.1% during the 3rd quarter. Congress Park Capital LLC now owns 6,300 shares of the software maker’s stock worth $505,000 after buying an additional 875 shares during the last quarter. Finally, Watts Gwilliam & Co. LLC purchased a new position in Shopify during the 3rd quarter worth $723,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.6 %

Shares of NYSE SHOP traded up $0.53 during trading on Friday, hitting $83.24. 3,774,464 shares of the company were exchanged, compared to its average volume of 9,412,245. The company has a fifty day moving average price of $74.19 and a 200-day moving average price of $68.78. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The firm has a market capitalization of $107.27 billion, a PE ratio of 84.94, a P/E/G ratio of 2.79 and a beta of 2.36. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate 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 net margin of 16.40% and a return on equity of 10.88%. Shopify’s revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.08) EPS. As a group, equities research analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

Wall Street Analyst Weigh In

SHOP has been the subject of several recent analyst reports. Evercore ISI raised their price target on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their price target for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Roth Mkm upped their target price on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Piper Sandler reissued a “neutral” rating and issued a $67.00 price objective on shares of Shopify in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. lifted their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $78.97.

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.