Louisbourg Investments Inc. Sells 1,440 Shares of Shopify Inc. $SHOP

Louisbourg Investments Inc. decreased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 108,287 shares of the software maker’s stock after selling 1,440 shares during the quarter. Shopify accounts for approximately 2.7% of Louisbourg Investments Inc.’s holdings, making the stock its 3rd largest holding. Louisbourg Investments Inc.’s holdings in Shopify were worth $12,466,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Inspire Investing LLC acquired a new stake in shares of Shopify in the 2nd quarter valued at about $2,809,000. Blue Trust Inc. raised its stake in shares of Shopify by 16.0% in the 2nd quarter. Blue Trust Inc. now owns 2,759 shares of the software maker’s stock valued at $318,000 after purchasing an additional 380 shares during the period. Brandywine Oak Private Wealth LLC acquired a new stake in shares of Shopify in the 2nd quarter valued at about $231,000. M1 Capital Management LLC acquired a new stake in shares of Shopify in the 2nd quarter valued at about $249,000. Finally, Total Wealth Planning & Management Inc. acquired a new stake in shares of Shopify in the 2nd quarter valued at about $216,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shopify stock opened at $151.02 on Friday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The stock has a market capitalization of $196.27 billion, a P/E ratio of 84.37, a PEG ratio of 7.67 and a beta of 2.72. The stock has a 50-day simple moving average of $146.61 and a 200 day simple moving average of $119.06.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the company posted $0.26 earnings per share. Shopify’s quarterly revenue was up 31.1% on a year-over-year basis. Research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. UBS Group lifted their price target on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Needham & Company LLC started coverage on Shopify in a research note on Monday, July 14th. They issued a “buy” rating and a $135.00 price target on the stock. Truist Financial raised their price objective on Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. Finally, Canaccord Genuity Group raised their price objective on Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $151.95.

Shopify 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.