StoneCrest Wealth Management Inc. Lowers Position in Shopify Inc. (NYSE:SHOP)

StoneCrest Wealth Management Inc. decreased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,051 shares of the software maker’s stock after selling 1,512 shares during the quarter. StoneCrest Wealth Management Inc.’s holdings in Shopify were worth $805,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SHOP. Capital World Investors increased its stake in Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Shopify by 1.7% during 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. Price T Rowe Associates Inc. MD raised its stake in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the period. GQG Partners LLC lifted its holdings in Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares in the last quarter. Finally, Capital International Investors boosted its stake in Shopify by 3.4% in the 1st quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after purchasing an additional 542,503 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP stock opened at $82.58 on Wednesday. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $72.21 and a two-hundred day simple moving average of $68.52. The stock has a market capitalization of $106.42 billion, a price-to-earnings ratio of -485.76, a P/E/G ratio of 2.65 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The company had revenue of $2.05 billion during 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 revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.08) earnings per share. On average, analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Morgan Stanley boosted their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Robert W. Baird increased their price objective on shares of Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Citigroup boosted their target price on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, Roth Mkm raised their price target on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. One equities research 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.72.

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.