Granite Bay Wealth Management LLC Sells 986 Shares of Shopify Inc. (NYSE:SHOP)

Granite Bay Wealth Management LLC lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 15,070 shares of the software maker’s stock after selling 986 shares during the period. Shopify makes up approximately 0.7% of Granite Bay Wealth Management LLC’s holdings, making the stock its 21st biggest position. Granite Bay Wealth Management LLC’s holdings in Shopify were worth $1,208,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Delta Financial Group Inc. bought a new position in shares of Shopify in the 3rd quarter worth approximately $223,000. Canandaigua National Bank & Trust Co. lifted its stake in shares of Shopify by 28.8% in the 3rd quarter. Canandaigua National Bank & Trust Co. now owns 14,526 shares of the software maker’s stock worth $1,164,000 after purchasing an additional 3,249 shares during the period. Massmutual Trust Co. FSB ADV raised its stake in Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after acquiring an additional 129 shares during the period. Doliver Advisors LP raised its stake in Shopify by 3.7% during the 3rd quarter. Doliver Advisors LP now owns 5,913 shares of the software maker’s stock worth $474,000 after acquiring an additional 210 shares during the period. Finally, Anchor Investment Management LLC raised its stake in Shopify by 31.5% during the 2nd quarter. Anchor Investment Management LLC now owns 865 shares of the software maker’s stock worth $57,000 after acquiring an additional 207 shares during the period. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. 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 research note on Thursday, August 8th. Evercore raised their target price on shares of Shopify from $75.00 to $80.00 in a research note on Thursday, August 8th. Barclays raised their target price on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Morgan Stanley raised their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Finally, Moffett Nathanson lowered shares of Shopify from a “buy” rating to a “neutral” rating and cut their price objective for the company from $74.00 to $65.00 in a report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.38.

Shopify Stock Down 1.2 %

Shares of NYSE:SHOP opened at $78.15 on Friday. The company has a market capitalization of $100.71 billion, a price-to-earnings ratio of -459.71, a PEG ratio of 2.65 and a beta of 2.35. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $71.34 and a 200 day moving average price of $68.63. Shopify Inc. has a 12-month low of $45.50 and a 12-month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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 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%. Shopify’s revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) EPS. Sell-side analysts expect that Shopify Inc. will post 0.76 EPS for the current 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.