Comerica Bank Sells 4,198 Shares of Shopify Inc. (NYSE:SHOP)

Comerica Bank decreased its position in Shopify Inc. (NYSE:SHOPGet Rating) (TSE:SHOP) by 7.7% during the third quarter, HoldingsChannel.com reports. The fund owned 50,039 shares of the software maker’s stock after selling 4,198 shares during the quarter. Comerica Bank’s holdings in Shopify were worth $1,439,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AlphaCrest Capital Management LLC boosted its holdings in shares of Shopify by 414.3% in the 2nd quarter. AlphaCrest Capital Management LLC now owns 12,308 shares of the software maker’s stock worth $385,000 after purchasing an additional 9,915 shares during the period. Summit Trail Advisors LLC boosted its holdings in Shopify by 637.0% during the 2nd quarter. Summit Trail Advisors LLC now owns 8,291 shares of the software maker’s stock valued at $259,000 after acquiring an additional 7,166 shares during the period. CI Investments Inc. boosted its holdings in Shopify by 1,903.5% during the 2nd quarter. CI Investments Inc. now owns 370,374 shares of the software maker’s stock valued at $11,570,000 after acquiring an additional 351,888 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Shopify by 853.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,967,747 shares of the software maker’s stock valued at $61,473,000 after acquiring an additional 1,761,357 shares during the period. Finally, MAI Capital Management boosted its holdings in Shopify by 1,039.5% during the 2nd quarter. MAI Capital Management now owns 30,583 shares of the software maker’s stock valued at $955,000 after acquiring an additional 27,899 shares during the period. Hedge funds and other institutional investors own 56.31% of the company’s stock.

Shopify Stock Up 6.4 %

Shopify stock opened at $40.48 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.64 and a current ratio of 6.64. The business’s 50-day simple moving average is $37.33 and its two-hundred day simple moving average is $34.46. The company has a market cap of $51.12 billion, a PE ratio of -15.97 and a beta of 1.93. Shopify Inc. has a fifty-two week low of $23.63 and a fifty-two week high of $101.36.

Shopify (NYSE:SHOPGet Rating) (TSE:SHOP) last posted its quarterly earnings results on Thursday, October 27th. The software maker reported ($0.14) earnings per share for the quarter, beating 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 business had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.33 billion. Equities analysts anticipate that Shopify Inc. will post -0.5 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SHOP. Robert W. Baird boosted their price objective on Shopify to $50.00 in a report on Tuesday, November 1st. Jefferies Financial Group cut Shopify from a “buy” rating to a “hold” rating and set a $40.00 price objective for the company. in a report on Thursday, January 5th. Royal Bank of Canada lowered their target price on Shopify from $60.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, October 21st. Capital One Financial initiated coverage on Shopify in a report on Thursday, December 8th. They issued an “equal weight” rating for the company. Finally, Mizuho upped their target price on Shopify from $33.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, December 8th. Three equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $56.25.

Shopify 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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