Ashton Thomas Private Wealth LLC Has $133,000 Stock Holdings in Shopify Inc. (NYSE:SHOP)

Ashton Thomas Private Wealth LLC trimmed its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 58.6% during the second quarter, HoldingsChannel.com reports. The firm owned 2,012 shares of the software maker’s stock after selling 2,846 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Shopify were worth $133,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Private Wealth Management Group LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $26,000. DSM Capital Partners LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $28,000. Jones Financial Companies Lllp acquired a new stake in shares of Shopify during the fourth quarter valued at about $28,000. Cultivar Capital Inc. acquired a new stake in shares of Shopify during the second quarter valued at about $33,000. Finally, OLD Point Trust & Financial Services N A acquired a new stake in shares of Shopify during the fourth quarter valued at about $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 1.6 %

Shares of NYSE:SHOP opened at $72.45 on Friday. The stock has a market cap of $93.36 billion, a price-to-earnings ratio of -426.18, a PEG ratio of 2.40 and a beta of 2.35. The company has a quick ratio of 7.32, a current ratio of 7.32 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. The business’s 50 day moving average is $67.38 and its 200 day moving average is $68.41.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. On average, sell-side analysts forecast that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SHOP. Truist Financial lowered their price objective on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. DZ Bank downgraded Shopify from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. raised their price objective on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Wells Fargo & Company raised their price objective on Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Evercore raised their price objective on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.37.

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.