Shopify Inc. (NYSE:SHOP) Shares Sold by PSI Advisors LLC

PSI Advisors LLC decreased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,544 shares of the software maker’s stock after selling 800 shares during the quarter. PSI Advisors LLC’s holdings in Shopify were worth $364,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV boosted its position in shares of Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares during the period. CVA Family Office LLC boosted its position in shares of Shopify by 11.8% during the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after buying an additional 143 shares during the period. Willis Johnson & Associates Inc. boosted its position in shares of Shopify by 5.8% during the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after buying an additional 149 shares during the period. Valley National Advisers Inc. boosted its position in shares of Shopify by 11.4% during the first quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after buying an additional 152 shares during the period. Finally, Wolff Wiese Magana LLC boosted its position in shares of Shopify by 5.4% during the third quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker’s stock worth $238,000 after buying an additional 152 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on SHOP. Citigroup raised their price target on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $70.00 target price on shares of Shopify in a report on Monday, October 7th. Piper Sandler reiterated a “neutral” rating and issued a $67.00 target price on shares of Shopify in a report on Thursday, August 29th. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a report on Tuesday, September 17th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a report on Tuesday, September 10th. 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 assigned a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $79.36.

Shopify Price Performance

Shares of SHOP opened at $79.70 on Thursday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The stock’s 50 day moving average is $76.94 and its two-hundred day moving average is $69.00. The firm has a market capitalization of $102.71 billion, a PE ratio of 81.28, a P/E/G ratio of 2.73 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 (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the previous year, the company earned ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. Research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current year.

Shopify Company 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.