Leeward Financial Partners LLC Sells 1,372 Shares of Shopify Inc. (NYSE:SHOP)

Leeward Financial Partners LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 31.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 2,995 shares of the software maker’s stock after selling 1,372 shares during the quarter. Leeward Financial Partners LLC’s holdings in Shopify were worth $231,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SHOP. Norges Bank purchased a new stake in Shopify in the 4th quarter valued at $1,049,089,000. Capital World Investors raised its position in Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after buying an additional 8,789,411 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Shopify by 118.9% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock valued at $263,452,000 after buying an additional 1,837,000 shares during the last quarter. Artisan Partners Limited Partnership raised its position in Shopify by 33.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 6,416,115 shares of the software maker’s stock valued at $499,815,000 after buying an additional 1,606,482 shares during the last quarter. Finally, Baillie Gifford & Co. raised its position in Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after buying an additional 1,419,749 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 1.1 %

Shopify stock traded up $0.72 during mid-day trading on Wednesday, hitting $66.78. The company had a trading volume of 3,930,903 shares, compared to its average volume of 10,227,135. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average price is $63.92 and its two-hundred day moving average price is $72.83. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The company has a market capitalization of $86.06 billion, a PE ratio of -393.71, a price-to-earnings-growth ratio of 3.32 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion. As a group, sell-side analysts anticipate that Shopify Inc. will post 0.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of several research analyst reports. Moffett Nathanson lowered Shopify from a “buy” rating to a “neutral” rating and decreased their target price for the company from $74.00 to $65.00 in a research report on Thursday, June 6th. Scotiabank cut their target price on Shopify from $80.00 to $75.00 and set a “sector perform” rating for the company in a research note on Thursday, May 9th. Evercore ISI upgraded Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Friday, June 14th. Loop Capital dropped their price target on Shopify from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Monday, April 15th. Finally, Morgan Stanley raised Shopify from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $74.00 to $85.00 in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, Shopify has an average rating of “Moderate Buy” and an average price target of $76.42.

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.