May Hill Capital LLC Sells 280 Shares of Shopify Inc. $SHOP

May Hill Capital LLC cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 9.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,662 shares of the software maker’s stock after selling 280 shares during the period. May Hill Capital LLC’s holdings in Shopify were worth $307,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. grew its position in Shopify by 4.4% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after purchasing an additional 218,829 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in Shopify by 9.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock worth $46,185,000 after purchasing an additional 35,113 shares in the last quarter. ARK Investment Management LLC grew its position in Shopify by 13.6% in the 2nd quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock worth $582,461,000 after purchasing an additional 605,283 shares in the last quarter. Finally, Avior Wealth Management LLC grew its position in Shopify by 32.6% in the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock worth $1,570,000 after purchasing an additional 3,347 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent analyst reports. Arete reaffirmed a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. BMO Capital Markets upped their price objective on shares of Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. National Bankshares upped their price objective on shares of Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, October 23rd. Evercore ISI boosted their target price on shares of Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Finally, Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the company a “neutral” rating in a research note on Wednesday, August 27th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $153.30.

Shopify Trading Up 1.2%

Shares of SHOP stock opened at $175.06 on Tuesday. The stock has a market capitalization of $227.52 billion, a P/E ratio of 97.80, a PEG ratio of 8.10 and a beta of 2.72. The firm’s 50 day moving average is $150.57 and its 200 day moving average is $124.98. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $176.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced 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 company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. Shopify’s revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 EPS. On average, equities analysts predict that Shopify Inc. will post 1.12 EPS for the current year.

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.