Richelieu Gestion SA Cuts Stake in Shopify Inc. (NYSE:SHOP)

Richelieu Gestion SA cut its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,443 shares of the software maker’s stock after selling 6,028 shares during the period. Shopify makes up about 2.2% of Richelieu Gestion SA’s portfolio, making the stock its 28th biggest holding. Richelieu Gestion SA’s holdings in Shopify were worth $2,613,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vident Investment Advisory LLC boosted its stake in Shopify by 5.3% during the first quarter. Vident Investment Advisory LLC now owns 661 shares of the software maker’s stock valued at $447,000 after buying an additional 33 shares during the last quarter. Interchange Capital Partners LLC lifted its stake in shares of Shopify by 7.1% in the 1st quarter. Interchange Capital Partners LLC now owns 511 shares of the software maker’s stock valued at $345,000 after purchasing an additional 34 shares during the last quarter. Ancora Advisors LLC lifted its stake in shares of Shopify by 6.2% in the 1st quarter. Ancora Advisors LLC now owns 1,177 shares of the software maker’s stock valued at $1,302,000 after purchasing an additional 69 shares during the last quarter. SVB Wealth LLC lifted its stake in shares of Shopify by 14.0% in the 1st quarter. SVB Wealth LLC now owns 659 shares of the software maker’s stock valued at $445,000 after purchasing an additional 81 shares during the last quarter. Finally, Industrial Alliance Investment Management Inc. lifted its stake in shares of Shopify by 292.9% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock valued at $74,000 after purchasing an additional 82 shares during the last quarter. 60.28% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of NYSE SHOP traded down $2.16 during midday trading on Monday, reaching $60.22. 7,671,604 shares of the stock were exchanged, compared to its average volume of 15,707,613. Shopify Inc. has a twelve month low of $23.63 and a twelve month high of $71.43. The firm has a market cap of $77.23 billion, a price-to-earnings ratio of -39.48 and a beta of 2.05. The company has a quick ratio of 6.71, a current ratio of 6.71 and a debt-to-equity ratio of 0.15. The firm has a 50-day simple moving average of $61.70 and a two-hundred day simple moving average of $56.69.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 2nd. The software maker reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). Shopify had a negative net margin of 32.13% and a negative return on equity of 5.36%. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.63 billion. As a group, analysts anticipate that Shopify Inc. will post -0.14 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on SHOP. StockNews.com downgraded Shopify from a “hold” rating to a “sell” rating in a report on Friday, September 8th. Oppenheimer increased their price target on Shopify from $70.00 to $80.00 in a report on Tuesday, June 20th. Canaccord Genuity Group upgraded Shopify from a “hold” rating to a “buy” rating and increased their price target for the stock from $60.00 to $70.00 in a report on Thursday, August 31st. Mizuho increased their price target on Shopify from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Monday, July 24th. Finally, CIBC set a $75.00 price target on Shopify and gave the stock an “outperform” rating in a report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Shopify has a consensus rating of “Hold” and a consensus target price of $65.34.

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, 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.