Shopify Inc. $SHOP Stock: Cornerstone Advisors LLC Trims Stake

Cornerstone Advisors LLC trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 39.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 64,668 shares of the software maker’s stock after selling 41,781 shares during the period. Cornerstone Advisors LLC’s holdings in Shopify were worth $9,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new stake in shares of Shopify during the third quarter worth $29,000. MADDEN SECURITIES Corp bought a new stake in shares of Shopify in the third quarter valued at about $30,000. Laurel Wealth Advisors LLC acquired a new position in shares of Shopify in the third quarter valued at about $32,000. Graney & King LLC acquired a new position in shares of Shopify in the first quarter valued at about $27,000. Finally, Trellis Wealth Advisors LLC bought a new position in Shopify during the third quarter worth about $37,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP opened at $147.09 on Friday. The firm has a market cap of $189.25 billion, a P/E ratio of 89.69, a price-to-earnings-growth ratio of 3.49 and a beta of 2.65. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $180.88. The business’s fifty day moving average is $152.79 and its 200-day moving average is $130.34.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. The business had revenue of $3.74 billion during the quarter. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The firm’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same period last year, the firm earned $0.34 EPS. On average, research analysts predict that Shopify Inc. will post 1.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating on shares of Shopify in a research note on Wednesday, November 4th. Wedbush reissued an “outperform” rating and issued a $176.00 price objective on shares of Shopify in a report on Wednesday, November 4th. Benchmark increased their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Oppenheimer reaffirmed an “outperform” rating and set a $205.00 target price (up from $175.00) on shares of Shopify in a report on Friday, October 23rd. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 price target (down from $208.00) on shares of Shopify in a research report on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and a consensus price target of $178.82.

About Shopify

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement. Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world. Founded in 2006, Shopify is headquartered in Ottawa, Canada.