Park Avenue Securities LLC Decreases Stock Position in Shopify Inc (NYSE:SHOP)

Park Avenue Securities LLC cut its stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 18.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,015 shares of the software maker’s stock after selling 470 shares during the period. Park Avenue Securities LLC’s holdings in Shopify were worth $605,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Henry James International Management Inc. raised its stake in Shopify by 140.7% in the first quarter. Henry James International Management Inc. now owns 33,947 shares of the software maker’s stock valued at $7,014,000 after buying an additional 19,846 shares in the last quarter. Weaver Consulting Group acquired a new stake in shares of Shopify during the first quarter worth about $54,000. Bollard Group LLC increased its position in shares of Shopify by 28.5% during the first quarter. Bollard Group LLC now owns 26,150 shares of the software maker’s stock worth $5,403,000 after purchasing an additional 5,800 shares in the last quarter. B. Riley Wealth Management Inc. increased its position in shares of Shopify by 21.4% during the first quarter. B. Riley Wealth Management Inc. now owns 3,897 shares of the software maker’s stock worth $805,000 after purchasing an additional 688 shares in the last quarter. Finally, BKS Advisors LLC acquired a new stake in shares of Shopify during the first quarter worth about $289,000. Hedge funds and other institutional investors own 67.62% of the company’s stock.

SHOP has been the topic of a number of research analyst reports. Roth Capital set a $300.00 target price on Shopify and gave the stock a “hold” rating in a research report on Sunday, July 21st. Wedbush cut Shopify from an “outperform” rating to a “neutral” rating and lifted their target price for the stock from $270.00 to $305.00 in a research report on Tuesday, June 25th. They noted that the move was a valuation call. UBS Group lifted their target price on Shopify from $295.00 to $395.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Zacks Investment Research cut Shopify from a “buy” rating to a “hold” rating in a research report on Friday, May 24th. Finally, Wells Fargo & Co lifted their target price on Shopify from $195.00 to $275.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $324.19.

SHOP stock traded up $2.81 during trading on Wednesday, hitting $335.48. The company had a trading volume of 55,417 shares, compared to its average volume of 1,970,347. The stock has a market cap of $38.08 billion, a price-to-earnings ratio of -550.28 and a beta of 1.30. Shopify Inc has a 1-year low of $117.64 and a 1-year high of $350.79. The company has a 50-day simple moving average of $319.84. The company has a debt-to-equity ratio of 0.05, a quick ratio of 11.44 and a current ratio of 11.44.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.31) by $0.45. Shopify had a negative return on equity of 3.85% and a negative net margin of 5.98%. The company had revenue of $361.98 million for the quarter, compared to analyst estimates of $350.59 million. During the same quarter in the previous year, the company earned $0.02 EPS. The firm’s revenue for the quarter was up 47.8% compared to the same quarter last year. As a group, research analysts forecast that Shopify Inc will post -0.79 EPS for the current year.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

Recommended Story: Why are analyst ratings important in trading stocks?

Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc (NYSE:SHOP) (TSE:SHOP).

Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.