Rede Wealth LLC Lowers Stake in Shopify Inc. (NYSE:SHOP)

Rede Wealth LLC decreased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 5,367 shares of the software maker’s stock after selling 407 shares during the quarter. Rede Wealth LLC’s holdings in Shopify were worth $430,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group increased its stake in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new position in Shopify during the 2nd quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new position in shares of Shopify during the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify in the 2nd quarter valued at approximately $39,000. Finally, Private Wealth Management Group LLC boosted its stake in shares of Shopify by 53.3% in the first quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock valued at $40,000 after buying an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

SHOP has been the subject of several recent analyst reports. Wolfe Research assumed coverage on shares of Shopify in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective for the company. JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Shopify in a research note on Tuesday, September 10th. Barclays lifted their price objective on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. KeyCorp started coverage on Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price on the stock. Finally, Robert W. Baird lifted their price target on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.36.

Shopify Stock Up 1.3 %

Shopify stock traded up $1.05 during midday trading on Friday, hitting $82.68. 3,862,207 shares of the company were exchanged, compared to its average volume of 9,290,721. The company has a market cap of $106.55 billion, a PE ratio of 84.37, a price-to-earnings-growth ratio of 2.80 and a beta of 2.36. Shopify Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company’s fifty day moving average price is $76.26 and its 200-day moving average price is $68.87. 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 (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the prior year, the firm earned ($0.08) earnings per share. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. On average, research analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.