Shopify Inc. $SHOP Stake Reduced by Putney Financial Group LLC

Putney Financial Group LLC cut its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,813 shares of the software maker’s stock after selling 120 shares during the period. Shopify comprises 1.6% of Putney Financial Group LLC’s portfolio, making the stock its 9th biggest position. Putney Financial Group LLC’s holdings in Shopify were worth $2,055,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Hummer Financial Advisory Services Inc raised its holdings in shares of Shopify by 3.8% in the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock valued at $299,000 after acquiring an additional 95 shares in the last quarter. Salem Investment Counselors Inc. increased its position in Shopify by 16.7% during the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock valued at $81,000 after purchasing an additional 100 shares during the period. Moseley Investment Management Inc. increased its position in Shopify by 2.8% during the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock valued at $424,000 after purchasing an additional 100 shares during the period. Tradewinds Capital Management LLC raised its holdings in shares of Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. Finally, Moser Wealth Advisors LLC lifted its position in shares of Shopify by 1.0% in the 2nd quarter. Moser Wealth Advisors LLC now owns 10,274 shares of the software maker’s stock worth $1,185,000 after purchasing an additional 100 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $173.61 on Friday. The business’s 50-day moving average is $152.94 and its 200 day moving average is $126.64. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The firm has a market capitalization of $225.63 billion, a P/E ratio of 96.99, a P/E/G ratio of 8.38 and a beta of 2.72.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SHOP shares. JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Phillip Securities downgraded Shopify from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 12th. ATB Capital cut Shopify to a “sector perform” rating in a research note on Thursday, August 7th. Arete Research raised Shopify to a “hold” rating in a research report on Wednesday, July 23rd. Finally, Cantor Fitzgerald set a $156.00 target price on shares of Shopify and gave the stock a “neutral” rating in a report on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $155.35.

About Shopify

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.