Shopify Inc. (NYSE:SHOP) Shares Sold by Occidental Asset Management LLC

Occidental Asset Management LLC cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,929 shares of the software maker’s stock after selling 364 shares during the quarter. Occidental Asset Management LLC’s holdings in Shopify were worth $235,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Creative Planning increased its stake in Shopify by 4.4% in the 3rd quarter. Creative Planning now owns 392,415 shares of the software maker’s stock valued at $31,448,000 after buying an additional 16,375 shares during the period. Wesbanco Bank Inc. increased its stake in shares of Shopify by 0.4% during the third quarter. Wesbanco Bank Inc. now owns 98,106 shares of the software maker’s stock worth $7,862,000 after acquiring an additional 381 shares during the period. Sivia Capital Partners LLC lifted its position in Shopify by 19.6% in the third quarter. Sivia Capital Partners LLC now owns 7,846 shares of the software maker’s stock valued at $629,000 after purchasing an additional 1,286 shares during the period. Grove Bank & Trust boosted its holdings in Shopify by 47.9% in the 3rd quarter. Grove Bank & Trust now owns 30,435 shares of the software maker’s stock valued at $2,439,000 after purchasing an additional 9,850 shares in the last quarter. Finally, Fiduciary Alliance LLC increased its position in Shopify by 14.2% during the 3rd quarter. Fiduciary Alliance LLC now owns 12,250 shares of the software maker’s stock worth $982,000 after purchasing an additional 1,519 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on SHOP. KeyCorp began coverage on Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price target for the company. Truist Financial lowered their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Wolfe Research initiated coverage on shares of Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and set a $85.00 target price on shares of Shopify in a research report on Thursday, August 8th. Finally, DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, sixteen have issued 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 Trading Down 2.1 %

NYSE:SHOP opened at $81.94 on Wednesday. The stock has a market cap of $105.59 billion, a price-to-earnings ratio of 83.61, a price-to-earnings-growth ratio of 2.77 and a beta of 2.36. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57. 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 business’s 50-day simple moving average is $75.37 and its 200 day simple moving average is $68.72.

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 the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the business posted ($0.08) EPS. The business’s revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts predict that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.