Hollencrest Capital Management Sells 415 Shares of Shopify Inc. (NYSE:SHOP)

Hollencrest Capital Management lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,790 shares of the software maker’s stock after selling 415 shares during the quarter. Hollencrest Capital Management’s holdings in Shopify were worth $118,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norden Group LLC bought a new stake in Shopify during the 1st quarter valued at approximately $3,618,000. Silvercrest Asset Management Group LLC lifted its stake in shares of Shopify by 735.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after purchasing an additional 46,589 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Shopify by 5.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after purchasing an additional 28,639 shares in the last quarter. FIL Ltd grew its stake in Shopify by 1.8% in the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock worth $1,035,688,000 after purchasing an additional 238,596 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NYSE SHOP opened at $78.71 on Friday. The stock has a market cap of $101.43 billion, a price-to-earnings ratio of -463.00, a PEG ratio of 2.47 and a beta of 2.35. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The company’s 50 day moving average is $68.41 and its two-hundred day moving average is $68.41. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. Shopify’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.08) EPS. As a group, research analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SHOP. Wells Fargo & Company boosted their target price on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. KeyCorp started coverage on shares of Shopify in a research note on Thursday, July 25th. They set an “overweight” rating and a $80.00 price objective on the stock. Argus upgraded shares of Shopify to a “strong-buy” rating in a report on Thursday, August 8th. DZ Bank lowered shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Finally, Evercore boosted their price target on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.92.

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.