Confluence Investment Management LLC Sells 1,145 Shares of Shopify Inc. (NYSE:SHOP)

Confluence Investment Management LLC decreased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,120 shares of the software maker’s stock after selling 1,145 shares during the period. Confluence Investment Management LLC’s holdings in Shopify were worth $651,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of SHOP. Portside Wealth Group LLC boosted its stake in Shopify by 35.0% in the 3rd quarter. Portside Wealth Group LLC now owns 77,342 shares of the software maker’s stock valued at $6,198,000 after purchasing an additional 20,062 shares during the period. Keudell Morrison Wealth Management boosted its position in shares of Shopify by 17.2% in the third quarter. Keudell Morrison Wealth Management now owns 4,110 shares of the software maker’s stock valued at $329,000 after acquiring an additional 602 shares during the period. Perkins Capital Management Inc. acquired a new position in shares of Shopify in the third quarter valued at about $240,000. Graypoint LLC increased its position in Shopify by 27.6% during the third quarter. Graypoint LLC now owns 6,268 shares of the software maker’s stock worth $502,000 after acquiring an additional 1,356 shares during the period. Finally, Blake Schutter Theil Wealth Advisors LLC acquired a new stake in Shopify in the 3rd quarter worth about $209,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the topic of several recent research reports. Roth Mkm raised their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Scotiabank upped their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Evercore ISI raised their price target on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Argus raised shares of Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Finally, Wedbush restated a “neutral” rating and issued a $72.00 target price (up from $68.00) on shares of Shopify in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.03.

Shopify Trading Up 1.8 %

SHOP opened at $87.12 on Friday. The firm has a market capitalization of $112.42 billion, a PE ratio of 88.90, a P/E/G ratio of 2.74 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $91.57. The company’s 50-day moving average is $78.41 and its 200 day moving average is $69.83.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.08) earnings per share. As a group, research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.