Shopify Inc. (NYSE:SHOP) Shares Sold by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. decreased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 24.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 33,300 shares of the software maker’s stock after selling 10,500 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Shopify were worth $2,669,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group grew its stake in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. acquired a new position in Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. acquired a new position in Shopify during the second quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Shopify during the 2nd quarter worth $39,000. Finally, HighMark Wealth Management LLC raised its stake in shares of Shopify by 63.3% during the second quarter. HighMark Wealth Management LLC now owns 601 shares of the software maker’s stock worth $40,000 after purchasing an additional 233 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

NYSE:SHOP opened at $79.86 on Tuesday. The firm’s 50-day moving average is $77.22 and its 200-day moving average is $69.10. 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 52-week low of $45.50 and a 52-week high of $91.57. The company has a market cap of $102.91 billion, a price-to-earnings ratio of -469.76, a PEG ratio of 2.65 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its 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 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%. The firm’s revenue was up 20.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.08) EPS. Equities research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on SHOP shares. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and upped their price target for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Barclays raised their target price on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Wells Fargo & Company lifted their price objective on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.