Shopify Inc. (NYSE:SHOP) Shares Sold by Prairie Wealth Advisors Inc.

Prairie Wealth Advisors Inc. lessened its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 42,890 shares of the software maker’s stock after selling 2,614 shares during the period. Shopify comprises approximately 1.4% of Prairie Wealth Advisors Inc.’s portfolio, making the stock its 11th largest position. Prairie Wealth Advisors Inc.’s holdings in Shopify were worth $2,833,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. GQG Partners LLC increased its stake in Shopify by 197.9% during the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Capital World Investors increased its stake in Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after buying an additional 5,982,434 shares during the period. Toronto Dominion Bank lifted its holdings in Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after buying an additional 1,983,996 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its position in Shopify by 5,918.3% in the 1st quarter. William Blair Investment Management LLC now owns 1,930,003 shares of the software maker’s stock valued at $148,938,000 after buying an additional 1,897,934 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Moffett Nathanson lowered Shopify from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $74.00 to $65.00 in a research report on Thursday, June 6th. Truist Financial decreased their price objective on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Argus raised shares of Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Finally, Barclays increased their price objective on shares of Shopify from $63.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $77.92.

Shopify Price Performance

Shares of NYSE:SHOP opened at $80.34 on Wednesday. Shopify Inc. has a 52 week low of $45.50 and a 52 week high of $91.57. The company has a 50-day moving average price of $68.94 and a 200 day moving average price of $68.40. The company has a market cap of $103.53 billion, a P/E ratio of -472.59, a PEG ratio of 2.68 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 (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 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 business had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period last year, the firm earned ($0.08) EPS. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. Research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current 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.