B. Riley Wealth Advisors Inc. Reduces Stake in Shopify Inc. (NYSE:SHOP)

B. Riley Wealth Advisors Inc. lessened its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 36.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,386 shares of the software maker’s stock after selling 19,389 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Shopify were worth $2,205,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norden Group LLC purchased a new position in Shopify during the first quarter valued at approximately $3,618,000. Silvercrest Asset Management Group LLC raised its position in shares of Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after buying an additional 46,589 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after buying an additional 28,639 shares in the last quarter. FIL Ltd boosted its stake in Shopify by 1.8% during the fourth quarter. FIL Ltd now owns 13,303,001 shares of the software maker’s stock valued at $1,035,688,000 after buying an additional 238,596 shares during the period. Finally, Vanguard Group Inc. grew its position in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after buying an additional 713,064 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 2.1 %

SHOP stock opened at $78.47 on Wednesday. The business has a 50 day moving average of $70.57 and a 200 day moving average of $68.49. The firm has a market cap of $101.12 billion, a PE ratio of -461.59, a price-to-earnings-growth ratio of 2.65 and a beta of 2.35. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. 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 issued its quarterly 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 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 revenue was up 20.7% on a year-over-year basis. During the same period last year, the company earned ($0.08) earnings per share. On average, research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Evercore ISI lifted their price target on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Wells Fargo & Company lifted their target price on shares of Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, September 11th. Truist Financial decreased their price target 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. Morgan Stanley lifted their price objective on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Finally, DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.38.

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.