Summit Trail Advisors LLC Sells 4,830 Shares of Shopify Inc. (NYSE:SHOP)

Summit Trail Advisors LLC lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 61.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,046 shares of the software maker’s stock after selling 4,830 shares during the period. Summit Trail Advisors LLC’s holdings in Shopify were worth $237,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. bought a new position in Shopify during the fourth quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. lifted its holdings in shares of Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after buying an additional 34,624 shares during the period. SeaCrest Wealth Management LLC bought a new position in shares of Shopify during the 4th quarter valued at $433,000. Bleakley Financial Group LLC boosted its stake in shares of Shopify by 18.5% in the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock worth $840,000 after buying an additional 1,681 shares during the last quarter. Finally, Advisor Resource Council bought a new stake in shares of Shopify in the fourth quarter worth $1,488,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Down 18.5 %

SHOP stock opened at $62.81 on Thursday. The company has a market capitalization of $80.81 billion, a PE ratio of 697.89 and a beta of 2.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The firm’s 50-day moving average is $74.74 and its 200 day moving average is $73.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a net margin of 1.87% and a return on equity of 4.48%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. On average, research analysts anticipate that Shopify Inc. will post 0.59 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. Citigroup raised Shopify from a “neutral” rating to a “buy” rating and increased their target price for the company from $93.00 to $105.00 in a report on Monday, April 29th. Wells Fargo & Company dropped their price objective on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. National Bankshares upped their target price on shares of Shopify from $80.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, January 26th. StockNews.com upgraded shares of Shopify from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Finally, Mizuho upped their price objective on Shopify from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $79.22.

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.