Shopify Inc. (NYSE:SHOP) Shares Sold by Simplicity Wealth LLC

Simplicity Wealth LLC reduced its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 55.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,659 shares of the software maker’s stock after selling 9,661 shares during the quarter. Simplicity Wealth LLC’s holdings in Shopify were worth $614,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Oliver Lagore Vanvalin Investment Group lifted its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. acquired a new stake in Shopify in the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the second quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Shopify during the 2nd quarter valued at $39,000. Finally, Private Wealth Management Group LLC raised its stake in shares of Shopify by 53.3% in the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after buying an additional 180 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the subject of several research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $70.00 target price on shares of Shopify in a research note on Monday, October 7th. UBS Group raised their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Truist Financial dropped their target price on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Wedbush restated a “neutral” rating and issued a $72.00 price target (up previously from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. Finally, Citigroup increased their price objective on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $78.97.

Shopify Stock Performance

Shares of SHOP opened at $83.24 on Monday. 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 company’s fifty day moving average is $74.19 and its 200-day moving average is $68.64. The firm has a market cap of $107.27 billion, a price-to-earnings ratio of 84.94, a price-to-earnings-growth ratio of 2.77 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s revenue was up 20.7% compared to the same quarter last year. During the same period last year, the company earned ($0.08) earnings per share. Equities analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

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.