Griffin Asset Management Inc. Sells 790 Shares of Shopify Inc. (NYSE:SHOP)

Griffin Asset Management Inc. lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,115 shares of the software maker’s stock after selling 790 shares during the period. Griffin Asset Management Inc.’s holdings in Shopify were worth $858,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Private Wealth Management Group LLC purchased a new stake in Shopify in the fourth quarter worth about $26,000. SJS Investment Consulting Inc. grew its stake in shares of Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after buying an additional 130 shares during the last quarter. DSM Capital Partners LLC bought a new position in Shopify during the 4th quarter valued at approximately $28,000. Jones Financial Companies Lllp purchased a new position in Shopify during the fourth quarter valued at $28,000. Finally, Your Advocates Ltd. LLP boosted its holdings in Shopify by 4,344.4% in the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock worth $31,000 after acquiring an additional 391 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $66.05 on Friday. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average is $64.20 and its two-hundred day moving average is $73.01. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. The company has a market capitalization of $85.12 billion, a PE ratio of -388.53, a price-to-earnings-growth ratio of 3.32 and a beta of 2.27.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. As a group, analysts expect that Shopify Inc. will post 0.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SHOP shares. Moffett Nathanson downgraded shares of Shopify from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $74.00 to $65.00 in a research note on Thursday, June 6th. BNP Paribas upgraded Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 2nd. Piper Sandler upgraded Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price objective for the company in a research report on Thursday, May 9th. Deutsche Bank Aktiengesellschaft reduced their price target on Shopify from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Finally, Atb Cap Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

Shopify 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, 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.