International Assets Investment Management LLC Lowers Holdings in Shopify Inc. (NYSE:SHOP)

International Assets Investment Management LLC trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,223 shares of the software maker’s stock after selling 2,225 shares during the period. International Assets Investment Management LLC’s holdings in Shopify were worth $939,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Private Wealth Management Group LLC purchased a new stake in shares of Shopify in the 4th quarter valued at about $26,000. DSM Capital Partners LLC purchased a new position in Shopify in the 4th quarter worth approximately $28,000. Jones Financial Companies Lllp bought a new position in shares of Shopify in the 4th quarter worth $28,000. Your Advocates Ltd. LLP raised its position in shares of Shopify by 4,344.4% during the 4th quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after buying an additional 391 shares in the last quarter. Finally, Cultivar Capital Inc. bought a new stake in shares of Shopify during the 2nd quarter worth $33,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 1.1 %

Shares of NYSE:SHOP opened at $74.05 on Friday. The stock has a fifty day simple moving average of $66.29 and a two-hundred day simple moving average of $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 stock has a market capitalization of $95.43 billion, a price-to-earnings ratio of -435.59, a PEG ratio of 2.50 and a beta of 2.30. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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. The business had revenue of $2.05 billion during 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% compared to the same quarter last year. During the same period last year, the business earned ($0.08) EPS. On average, research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research reports. CIBC lowered their price target on Shopify from $100.00 to $85.00 and set an “outperformer” rating on the stock in a research report on Thursday, May 9th. Wedbush reissued a “neutral” rating and set a $72.00 price objective (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. KeyCorp assumed coverage on Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Roth Mkm increased their price target on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $67.00 target price on shares of Shopify in a research report on Thursday. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.30.

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.