Shopify Inc. (NYSE:SHOP) Shares Sold by Griffin Asset Management Inc.

Griffin Asset Management Inc. lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,115 shares of the software maker’s stock after selling 790 shares during the period. Griffin Asset Management Inc.’s holdings in Shopify were worth $858,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of SHOP. Norges Bank purchased a new position in Shopify during the fourth quarter worth about $1,049,089,000. Capital World Investors increased its holdings 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 purchasing 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 fourth 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 purchasing an additional 1,837,000 shares during the period. Artisan Partners Limited Partnership lifted its stake in Shopify by 33.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 6,416,115 shares of the software maker’s stock worth $499,815,000 after purchasing an additional 1,606,482 shares in the last quarter. Finally, Baillie Gifford & Co. boosted its position in shares of Shopify by 2.3% during the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after buying an additional 1,419,749 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Down 0.5 %

Shares of SHOP stock opened at $66.05 on Friday. The stock has a 50 day moving average of $64.20 and a 200-day moving average of $73.01. The firm has a market cap of $85.12 billion, a PE ratio of -388.53, a price-to-earnings-growth ratio of 3.32 and a beta of 2.27. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. On average, equities analysts predict that Shopify Inc. will post 0.61 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SHOP. Mizuho cut their price objective on Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, May 9th. JMP Securities raised shares of Shopify from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research report on Thursday, May 9th. Needham & Company LLC restated a “hold” rating on shares of Shopify in a report on Thursday, May 9th. Barclays reduced their target price on shares of Shopify from $68.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, May 9th. Finally, DA Davidson dropped their price target on shares of Shopify from $90.00 to $84.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $76.42.

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.