Raymond James Financial Services Advisors Inc. Decreases Stake in Shopify Inc. (NYSE:SHOP)

Raymond James Financial Services Advisors Inc. cut its holdings in Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 6.2% during the third quarter, Holdings Channel reports. The institutional investor owned 465,157 shares of the software maker’s stock after selling 30,728 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Shopify were worth $12,531,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Canal Capital Management LLC raised its holdings in Shopify by 28.8% during the third quarter. Canal Capital Management LLC now owns 12,838 shares of the software maker’s stock worth $346,000 after purchasing an additional 2,868 shares during the last quarter. Eqis Capital Management Inc. acquired a new position in Shopify during the third quarter worth $1,512,000. WP Advisors LLC raised its holdings in Shopify by 15.1% during the third quarter. WP Advisors LLC now owns 33,610 shares of the software maker’s stock worth $905,000 after purchasing an additional 4,420 shares during the last quarter. Granite Bay Wealth Management LLC raised its holdings in Shopify by 6.7% during the third quarter. Granite Bay Wealth Management LLC now owns 16,258 shares of the software maker’s stock worth $438,000 after purchasing an additional 1,028 shares during the last quarter. Finally, Trust Co. of Vermont raised its holdings in Shopify by 950.0% during the third quarter. Trust Co. of Vermont now owns 1,050 shares of the software maker’s stock worth $28,000 after purchasing an additional 950 shares during the last quarter. 56.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SHOP. DA Davidson boosted their price target on Shopify to $34.00 in a report on Tuesday, November 1st. UBS Group began coverage on Shopify in a report on Thursday, December 8th. They issued a “sell” rating and a $30.00 price target for the company. CIBC raised Shopify from a “neutral” rating to a “sector outperform” rating in a report on Tuesday, December 6th. Royal Bank of Canada cut their price target on Shopify from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, October 21st. Finally, StockNews.com raised Shopify to a “sell” rating in a report on Monday, December 5th. Three analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $56.37.

Shopify Price Performance

Shares of NYSE SHOP opened at $36.85 on Friday. Shopify Inc. has a 1-year low of $23.63 and a 1-year high of $119.12. The business has a 50-day moving average of $36.49 and a 200-day moving average of $36.38. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.64 and a quick ratio of 6.64. The company has a market capitalization of $46.54 billion, a price-to-earnings ratio of -14.54 and a beta of 1.93.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last issued its earnings results on Thursday, October 27th. The software maker reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.10. Shopify had a negative return on equity of 3.82% and a negative net margin of 61.17%. The company had revenue of $1.37 billion during the quarter, compared to the consensus estimate of $1.33 billion. On average, equities analysts anticipate that Shopify Inc. will post -0.5 EPS for the current fiscal year.

Shopify Company Profile

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Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, 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.

Further Reading

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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