Moors & Cabot Inc. Lowers Holdings in Shopify Inc. (NYSE:SHOP)

Moors & Cabot Inc. trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 53.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,677 shares of the software maker’s stock after selling 4,304 shares during the quarter. Moors & Cabot Inc.’s holdings in Shopify were worth $243,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. DSM Capital Partners LLC purchased a new stake in shares of Shopify during the 4th quarter worth $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify during the 4th quarter worth $28,000. Cultivar Capital Inc. purchased a new stake in shares of Shopify during the 2nd quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify during the 2nd quarter worth $33,000. Finally, OLD Point Trust & Financial Services N A purchased a new stake in shares of Shopify during the 4th quarter worth $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SHOP shares. Evercore ISI upped their price objective on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Morgan Stanley upped their price objective on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research note on Tuesday. Wells Fargo & Company upped their price target on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Price Performance

Shopify stock opened at $78.71 on Friday. The firm has a market cap of $101.43 billion, a PE ratio of -463.00, a price-to-earnings-growth ratio of 2.47 and a beta of 2.35. Shopify Inc. has a 52-week low of $45.50 and a 52-week 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 $68.41 and its two-hundred day moving average is $68.41.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.08) EPS. On average, research analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.