Claro Advisors LLC Reduces Position in Shopify Inc. (NYSE:SHOP)

Claro Advisors LLC lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 21.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,765 shares of the software maker’s stock after selling 750 shares during the quarter. Claro Advisors LLC’s holdings in Shopify were worth $213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SHOP. Needham & Company LLC restated a “hold” rating on shares of Shopify in a research note on Thursday, May 9th. Piper Sandler upgraded shares of Shopify from an “underweight” rating to a “neutral” rating and set a $63.00 price target on the stock in a report on Thursday, May 9th. Evercore upgraded shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Friday, June 14th. Scotiabank reduced their price target on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating on the stock in a report on Thursday, May 9th. Finally, Barclays reduced their price target on shares of Shopify from $68.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

Shopify Price Performance

Shopify stock opened at $64.64 on Tuesday. The stock has a market cap of $83.30 billion, a price-to-earnings ratio of -380.24, a price-to-earnings-growth ratio of 3.32 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The firm has a 50-day moving average of $64.20 and a two-hundred day moving average of $73.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.04. The company had revenue of $1.86 billion during 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%. On average, research analysts forecast that Shopify Inc. will post 0.61 earnings per share 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.