Masso Torrence Wealth Management Inc. Has $851,000 Stock Position in Shopify Inc. (NYSE:SHOP)

Masso Torrence Wealth Management Inc. lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,625 shares of the software maker’s stock after selling 440 shares during the quarter. Masso Torrence Wealth Management Inc.’s holdings in Shopify were worth $851,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Massmutual Trust Co. FSB ADV grew its stake in Shopify by 7.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after acquiring an additional 129 shares during the period. CVA Family Office LLC grew its position in Shopify by 11.8% in the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock valued at $109,000 after purchasing an additional 143 shares during the period. Willis Johnson & Associates Inc. raised its holdings in 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 last quarter. Valley National Advisers Inc. lifted its stake in shares of Shopify by 11.4% in the first quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock valued at $114,000 after buying an additional 152 shares in the last quarter. Finally, Wolff Wiese Magana LLC grew its holdings 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 valued at $238,000 after buying an additional 152 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Trading Down 1.0 %

Shares of NYSE SHOP traded down $0.77 during midday trading on Friday, hitting $79.05. 3,834,492 shares of the company traded hands, compared to its average volume of 9,176,214. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57. The stock has a 50-day moving average price of $77.04 and a 200 day moving average price of $69.07. The firm has a market cap of $101.87 billion, a P/E ratio of -465.00, a P/E/G ratio of 2.73 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results 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. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm’s revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) earnings per share. As a group, analysts expect that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of analyst reports. Morgan Stanley upped their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. upped their price objective on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft lifted their target price on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Evercore ISI raised their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Finally, Loop Capital boosted their target price on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $80.21.

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.