Grandview Asset Management LLC Trims Stock Position in Shopify Inc. (NYSE:SHOP)

Grandview Asset Management LLC decreased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,780 shares of the software maker’s stock after selling 200 shares during the quarter. Grandview Asset Management LLC’s holdings in Shopify were worth $704,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the period. Jones Financial Companies Lllp bought a new stake in Shopify during the 4th quarter worth approximately $28,000. Cultivar Capital Inc. purchased a new position in Shopify during the second quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. bought a new position in shares of Shopify in the second quarter worth approximately $33,000. Finally, OLD Point Trust & Financial Services N A purchased a new stake in shares of Shopify in the fourth quarter worth $39,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Trading Up 5.5 %

SHOP stock traded up $4.29 during trading on Friday, hitting $82.43. The company had a trading volume of 7,746,218 shares, compared to its average volume of 5,727,086. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The company has a 50 day simple moving average of $71.79 and a 200-day simple moving average of $68.60. The firm has a market capitalization of $106.23 billion, a P/E ratio of -484.88, a PEG ratio of 2.65 and a beta of 2.36. The company has a quick ratio of 7.32, a current 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 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The business 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 company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company posted ($0.08) earnings per share. As a group, research analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SHOP shares. JPMorgan Chase & Co. lifted their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Wells Fargo & Company upped their price objective on Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. Benchmark reiterated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Roth Mkm boosted their price target on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Truist Financial cut their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.38.

Shopify Company 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.