Shopify Inc. (NYSE:SHOP) Shares Sold by Great Diamond Partners LLC

Great Diamond Partners LLC trimmed its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 41.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,474 shares of the software maker’s stock after selling 3,833 shares during the period. Great Diamond Partners LLC’s holdings in Shopify were worth $439,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group boosted its stake in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new position in Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new position in Shopify during the 2nd quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Shopify during the 2nd quarter valued at $39,000. Finally, HighMark Wealth Management LLC boosted its stake in Shopify by 63.3% during the 2nd quarter. HighMark Wealth Management LLC now owns 601 shares of the software maker’s stock valued at $40,000 after acquiring an additional 233 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SHOP shares. Robert W. Baird increased their price objective on shares of Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Tuesday, September 17th. Wells Fargo & Company raised their target price on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Barclays raised their target price on shares of Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Finally, DZ Bank cut shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. One 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Shopify Stock Up 0.7 %

Shares of NYSE SHOP opened at $80.40 on Wednesday. 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 current ratio of 7.32 and a quick ratio of 7.32. The firm’s 50 day simple moving average is $77.33 and its two-hundred day simple moving average is $69.17. The stock has a market capitalization of $103.61 billion, a P/E ratio of -472.94, a PEG ratio of 2.65 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during 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 quarter last year, the firm posted ($0.08) earnings per share. As a group, analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal 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.