Shopify Inc. (NYSE:SHOP) Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 31.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 105,318 shares of the software maker’s stock after selling 49,023 shares during the quarter. Carnegie Investment Counsel’s holdings in Shopify were worth $8,440,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norden Group LLC acquired a new position in Shopify in the first quarter valued at about $3,618,000. Silvercrest Asset Management Group LLC increased its stake in Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after purchasing an additional 28,639 shares during the period. Clearbridge Investments LLC increased its stake in Shopify by 54.2% during the second quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares during the period. Finally, Vanguard Group Inc. increased its stake in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Citigroup boosted their price target on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Roth Mkm upped their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Barclays upped their target price on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price on the stock in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $78.97.

Shopify Price Performance

Shares of NYSE SHOP opened at $83.24 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock has a fifty day moving average price of $74.19 and a 200 day moving average price of $68.71. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a market cap of $107.27 billion, a PE ratio of -489.65, a P/E/G ratio of 2.79 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. Sell-side analysts forecast that Shopify Inc. will post 0.76 EPS for the current year.

About Shopify

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.