Exchange Traded Concepts LLC Sells 9,028 Shares of Shopify Inc. (NYSE:SHOP)

Exchange Traded Concepts LLC lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 20.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,750 shares of the software maker’s stock after selling 9,028 shares during the period. Exchange Traded Concepts LLC’s holdings in Shopify were worth $2,785,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SHOP. V Square Quantitative Management LLC bought a new stake in Shopify during the fourth quarter valued at $451,000. Integrated Advisors Network LLC lifted its stake in Shopify by 26.7% in the fourth quarter. Integrated Advisors Network LLC now owns 9,755 shares of the software maker’s stock valued at $760,000 after buying an additional 2,055 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Shopify by 0.3% during the 4th quarter. Fisher Asset Management LLC now owns 589,163 shares of the software maker’s stock worth $45,896,000 after buying an additional 1,618 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in shares of Shopify during the 4th quarter worth approximately $432,000. Finally, Vanguard Group Inc. increased its stake in shares of Shopify by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 42,168,291 shares of the software maker’s stock valued at $3,284,910,000 after acquiring an additional 1,242,067 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Up 0.5 %

SHOP stock opened at $83.67 on Tuesday. The company’s 50 day moving average is $74.81 and its 200 day moving average is $68.69. The stock has a market cap of $107.82 billion, a price-to-earnings ratio of 85.38, a price-to-earnings-growth ratio of 2.77 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data 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. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter last year, the company posted ($0.08) EPS. The business’s quarterly revenue was up 20.7% on a year-over-year basis. Sell-side analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Benchmark restated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Loop Capital upped their price objective on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company raised their target price on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Piper Sandler reiterated a “neutral” rating and set a $67.00 price target on shares of Shopify in a report on Thursday, August 29th. Finally, Truist Financial dropped their price objective on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. One equities research 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 issued a strong buy rating to the company. Based on data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.97.

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.