Shopify Inc. $SHOP Holdings Decreased by Zullo Investment Group Inc.

Zullo Investment Group Inc. decreased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,287 shares of the software maker’s stock after selling 844 shares during the quarter. Zullo Investment Group Inc.’s holdings in Shopify were worth $956,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Shopify by 171.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after buying an additional 267,271 shares in the last quarter. Worth Asset Management LLC purchased a new position in shares of Shopify during the second quarter valued at $236,000. Avior Wealth Management LLC grew its stake in Shopify by 32.6% in the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock valued at $1,570,000 after purchasing an additional 3,347 shares in the last quarter. 111 Capital purchased a new position in Shopify in the second quarter valued at about $1,719,000. Finally, Integrity Alliance LLC. purchased a new position in Shopify in the first quarter valued at about $211,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $151.02 on Friday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69. The business has a 50-day moving average of $146.61 and a two-hundred day moving average of $119.06. The stock has a market capitalization of $196.27 billion, a P/E ratio of 84.37, a P/E/G ratio of 7.67 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the firm earned $0.26 EPS. The firm’s revenue was up 31.1% compared to the same quarter last year. As a group, research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of recent research reports. Arete restated a “neutral” rating on shares of Shopify in a research note on Wednesday, July 23rd. Needham & Company LLC initiated coverage on Shopify in a research note on Monday, July 14th. They issued a “buy” rating and a $135.00 target price on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research note on Wednesday. KeyCorp restated an “overweight” rating and issued a $175.00 target price (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Citigroup boosted their price target on Shopify from $155.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $151.95.

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.