World Investment Advisors Trims Stock Holdings in Shopify Inc. $SHOP

World Investment Advisors trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 22,508 shares of the software maker’s stock after selling 512 shares during the period. World Investment Advisors’ holdings in Shopify were worth $2,596,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify in the second quarter worth approximately $25,000. Tradewinds Capital Management LLC boosted its position in 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 buying an additional 100 shares during the period. Coastline Trust Co purchased a new stake in Shopify in the 2nd quarter valued at about $29,000. Smithfield Trust Co boosted its position in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after buying an additional 188 shares during the period. Finally, Dagco Inc. purchased a new stake in Shopify in the 1st quarter valued at about $30,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Down 3.0%

NASDAQ:SHOP opened at $173.61 on Friday. The stock has a market capitalization of $225.63 billion, a price-to-earnings ratio of 96.99, a PEG ratio of 8.38 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The firm has a 50 day moving average of $152.94 and a 200 day moving average of $126.64.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during 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 business’s quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS. As a group, analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SHOP. Canaccord Genuity Group increased their price objective on Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Phillip Securities cut Shopify from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, August 12th. DA Davidson increased their price objective on Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. BMO Capital Markets increased 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. Finally, Robert W. Baird increased their price objective on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target 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.