Newbridge Financial Services Group Inc. Has $461,000 Stake in Shopify Inc. (NYSE:SHOP)

Newbridge Financial Services Group Inc. cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 30.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,980 shares of the software maker’s stock after selling 3,020 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Shopify were worth $461,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in SHOP. Oliver Lagore Vanvalin Investment Group raised its position in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Shopify in the 4th quarter valued at $28,000. Cultivar Capital Inc. bought a new position in shares of Shopify in the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify during the 2nd quarter worth $33,000. Finally, OLD Point Trust & Financial Services N A acquired a new stake in Shopify in the fourth quarter valued at about $39,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of a number of research reports. Morgan Stanley increased their price target on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Barclays lifted their price target on Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday. Roth Mkm upped their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. JMP Securities reiterated a “market outperform” rating and set a $80.00 target price on shares of Shopify in a research report on Tuesday, September 10th. Finally, Wedbush restated a “neutral” rating and issued a $72.00 price target (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. 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 given a strong buy rating to the company. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average target price of $78.38.

Shopify Stock Performance

NYSE:SHOP opened at $78.47 on Wednesday. The company has a market capitalization of $101.12 billion, a P/E ratio of -461.59, a P/E/G ratio of 2.65 and a beta of 2.35. The business has a fifty day simple moving average of $70.57 and a two-hundred day simple moving average of $68.49. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57.

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 analysts’ consensus estimates of $0.20 by $0.06. The firm 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 company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.08) earnings per share. On average, analysts expect that Shopify Inc. will post 0.76 earnings per share for the current year.

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.