Bay Colony Advisory Group Inc d b a Bay Colony Advisors Sells 315 Shares of Shopify Inc. (NYSE:SHOP)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 4,736 shares of the software maker’s stock after selling 315 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Shopify were worth $380,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Massmutual Trust Co. FSB ADV raised its stake in 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 last quarter. CVA Family Office LLC grew its holdings in Shopify by 11.8% in the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after purchasing an additional 143 shares during the period. Willis Johnson & Associates Inc. grew its holdings in Shopify by 5.8% in the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after purchasing an additional 149 shares during the period. Valley National Advisers Inc. grew its holdings in Shopify by 11.4% in the first quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after purchasing an additional 152 shares during the period. Finally, Wolff Wiese Magana LLC grew its holdings in Shopify by 5.4% in the third quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker’s stock worth $238,000 after purchasing an additional 152 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shopify stock opened at $79.86 on Tuesday. The firm’s 50 day simple moving average is $77.22 and its 200 day simple moving average is $69.10. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $102.91 billion, a PE ratio of -469.76, a price-to-earnings-growth ratio of 2.65 and a beta of 2.36. 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 earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. Shopify’s revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) EPS. As a group, analysts expect that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on SHOP. Barclays raised their price target on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Wells Fargo & Company lifted their price objective on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. Evercore lifted their price objective on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Evercore ISI lifted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Finally, JMP Securities reiterated a “market outperform” rating and set a $80.00 price objective on shares of Shopify in a report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus 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.