Shopify Inc. (NYSE:SHOP) Shares Sold by Powell Investment Advisors LLC

Powell Investment Advisors LLC trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 24.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,635 shares of the software maker’s stock after selling 1,200 shares during the period. Powell Investment Advisors LLC’s holdings in Shopify were worth $281,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in SHOP. Acadian Asset Management LLC lifted its position in shares of Shopify by 49.4% during the 3rd quarter. Acadian Asset Management LLC now owns 9,340 shares of the software maker’s stock valued at $509,000 after acquiring an additional 3,089 shares during the last quarter. Northern Trust Corp raised its stake in Shopify by 4.3% during the 3rd quarter. Northern Trust Corp now owns 538,465 shares of the software maker’s stock valued at $29,384,000 after purchasing an additional 22,315 shares during the period. O Shaughnessy Asset Management LLC raised its stake in Shopify by 4.7% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 108,881 shares of the software maker’s stock valued at $5,942,000 after purchasing an additional 4,907 shares during the period. Mutual Advisors LLC raised its stake in Shopify by 3.7% during the 3rd quarter. Mutual Advisors LLC now owns 28,522 shares of the software maker’s stock valued at $1,556,000 after purchasing an additional 1,009 shares during the period. Finally, Valley National Advisers Inc. raised its stake in Shopify by 28.0% during the 3rd quarter. Valley National Advisers Inc. now owns 1,293 shares of the software maker’s stock valued at $71,000 after purchasing an additional 283 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SHOP. StockNews.com raised shares of Shopify from a “sell” rating to a “hold” rating in a research note on Wednesday, April 24th. Royal Bank of Canada dropped their price target on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. CIBC dropped their price target on shares of Shopify from $100.00 to $85.00 and set an “outperformer” rating on the stock in a research note on Thursday, May 9th. Citigroup upped their price target on shares of Shopify from $95.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group upped their price target on shares of Shopify from $67.00 to $74.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

Shopify Trading Down 0.5 %

Shares of NYSE SHOP traded down $0.32 during midday trading on Friday, reaching $66.05. 6,314,460 shares of the stock were exchanged, compared to its average volume of 10,317,909. The business has a 50-day simple moving average of $64.33 and a two-hundred day simple moving average of $73.10. The company has a market capitalization of $85.12 billion, a price-to-earnings ratio of -390.53, a P/E/G ratio of 3.29 and a beta of 2.27. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. As a group, equities research analysts expect that Shopify Inc. will post 0.61 EPS 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.