Shopify Inc. $SHOP Stock Holdings Trimmed by Zullo Investment Group Inc.

Zullo Investment Group Inc. lowered its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,287 shares of the software maker’s stock after selling 844 shares during the period. Zullo Investment Group Inc.’s holdings in Shopify were worth $956,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC bought a new stake in Shopify during the 2nd quarter valued at $25,000. Coastline Trust Co bought a new stake in Shopify during the 2nd quarter valued at $29,000. Smithfield Trust Co raised its stake in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. bought a new stake in Shopify during the 1st quarter valued at $30,000. Finally, Global Wealth Strategies & Associates raised its stake in Shopify by 182.8% during the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock valued at $30,000 after acquiring an additional 170 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 7.8%

Shares of NASDAQ SHOP opened at $151.02 on Friday. The stock has a market capitalization of $196.27 billion, a price-to-earnings ratio of 84.37, a PEG ratio of 7.67 and a beta of 2.72. The stock’s fifty day simple moving average is $146.61 and its 200 day simple moving average is $119.06. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company’s quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 EPS. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on SHOP shares. The Goldman Sachs Group lifted their target price on Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Stifel Nicolaus boosted their price objective on Shopify from $110.00 to $150.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. BMO Capital Markets boosted their price objective on Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Loop Capital downgraded Shopify from a “buy” rating to a “hold” rating and set a $120.00 price objective on the stock. in a research note on Tuesday, July 22nd. Finally, Robert W. Baird boosted their price objective on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $151.95.

Shopify Company 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.