NorthRock Partners LLC Lowers Stake in Shopify Inc. $SHOP

NorthRock Partners LLC lowered its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 14.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,981 shares of the software maker’s stock after selling 1,012 shares during the quarter. NorthRock Partners LLC’s holdings in Shopify were worth $690,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after buying an additional 267,271 shares in the last quarter. Worth Asset Management LLC purchased a new position in shares of Shopify in the second quarter worth $236,000. Avior Wealth Management LLC lifted its holdings in shares of Shopify by 32.6% in the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock worth $1,570,000 after buying an additional 3,347 shares in the last quarter. 111 Capital purchased a new position in shares of Shopify in the second quarter worth $1,719,000. Finally, Integrity Alliance LLC. purchased a new position in shares of Shopify in the first quarter worth $211,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 0.5%

SHOP stock opened at $152.88 on Wednesday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $169.69. The stock has a market capitalization of $198.69 billion, a price-to-earnings ratio of 85.41, a price-to-earnings-growth ratio of 7.19 and a beta of 2.72. The firm’s fifty day simple moving average is $147.70 and its two-hundred day simple moving average is $119.91.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the business posted $0.26 earnings per share. The business’s revenue was up 31.1% compared to the same quarter last year. As a group, equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SHOP shares. Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the stock a “neutral” rating in a report on Wednesday, August 27th. KeyCorp reaffirmed an “overweight” rating and set a $175.00 price target (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. DA Davidson upped their price target on shares of Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. upped their price target on shares of Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Finally, JMP Securities upped their price target on shares of Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a research note on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Shopify has a consensus rating of “Hold” and an average target price of $151.95.

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.