Ritholtz Wealth Management Decreases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Ritholtz Wealth Management lowered its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 19,076 shares of the software maker’s stock after selling 2,222 shares during the quarter. Ritholtz Wealth Management’s holdings in Shopify were worth $1,260,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in SHOP. Aptus Capital Advisors LLC grew its stake in shares of Shopify by 4.6% in the second quarter. Aptus Capital Advisors LLC now owns 5,744 shares of the software maker’s stock worth $379,000 after purchasing an additional 255 shares during the last quarter. Nilsine Partners LLC grew its position in shares of Shopify by 18.1% in the 2nd quarter. Nilsine Partners LLC now owns 14,569 shares of the software maker’s stock worth $962,000 after buying an additional 2,233 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Shopify by 48.5% during the second quarter. Farther Finance Advisors LLC now owns 16,835 shares of the software maker’s stock valued at $1,088,000 after buying an additional 5,495 shares during the period. Nicola Wealth Management LTD. bought a new position in shares of Shopify during the second quarter valued at approximately $17,246,000. Finally, Graypoint LLC purchased a new stake in Shopify in the second quarter worth $324,000. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on SHOP. The Goldman Sachs Group boosted their price objective on shares of Shopify from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 price target on shares of Shopify in a research note on Thursday, August 8th. Morgan Stanley lifted their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Robert W. Baird decreased their target price on Shopify from $87.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. Finally, Citigroup lowered their target price on Shopify from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $77.30.

Shopify Stock Up 1.1 %

Shares of Shopify stock opened at $74.07 on Tuesday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average is $66.67 and its 200 day moving average is $68.78. The company has a market cap of $95.45 billion, a price-to-earnings ratio of -435.71, a price-to-earnings-growth ratio of 2.48 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly 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. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the prior year, the firm earned ($0.08) EPS. The company’s revenue was up 20.7% compared to the same quarter last year. Research analysts anticipate that Shopify Inc. will post 0.76 EPS for the current year.

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.