Grandview Asset Management LLC Decreases Position in Shopify Inc. $SHOP

Grandview Asset Management LLC lowered its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,201 shares of the software maker’s stock after selling 414 shares during the period. Grandview Asset Management LLC’s holdings in Shopify were worth $831,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of SHOP. Worth Asset Management LLC bought a new position in shares of Shopify during the 2nd quarter worth approximately $236,000. Integrity Alliance LLC. bought a new position in shares of Shopify during the first quarter valued at about $211,000. Jacobs & Co. CA bought a new position in Shopify during the second quarter valued at approximately $285,000. Focus Partners Wealth grew its stake in Shopify by 7.4% during the first quarter. Focus Partners Wealth now owns 288,722 shares of the software maker’s stock valued at $27,567,000 after acquiring an additional 19,908 shares in the last quarter. Finally, Ascent Group LLC bought a new stake in shares of Shopify in the 1st quarter valued at about $513,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SHOP. Barclays increased their price target on shares of Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 7th. Oppenheimer upped their target price on Shopify from $145.00 to $180.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 6th. The Goldman Sachs Group increased their price target on Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, Robert W. Baird upped their price objective on Shopify from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, July 14th. Twenty-three analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $151.69.

Shopify Price Performance

SHOP stock opened at $140.25 on Friday. The stock has a market cap of $182.28 billion, a price-to-earnings ratio of 78.35, a price-to-earnings-growth ratio of 6.65 and a beta of 2.69. Shopify Inc. has a one year low of $69.84 and a one year high of $159.01. The company has a fifty day moving average price of $140.00 and a two-hundred day moving average price of $115.28.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.26 EPS. Research analysts anticipate that Shopify Inc. will post 1.12 EPS 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.