Indie Asset Partners LLC Lowers Position in Shopify Inc. (NYSE:SHOP)


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Indie Asset Partners LLC lowered its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 19.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 562 shares of the software maker’s stock after selling 134 shares during the quarter. Indie Asset Partners LLC’s holdings in Shopify were worth $636,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Sigma Planning Corp raised its holdings in shares of Shopify by 15.5% in the 4th quarter. Sigma Planning Corp now owns 4,063 shares of the software maker’s stock valued at $4,599,000 after acquiring an additional 546 shares in the last quarter. Pillar Pacific Capital Management LLC purchased a new position in shares of Shopify during the 4th quarter valued at about $343,000. SeaCrest Wealth Management LLC raised its holdings in shares of Shopify by 10.1% during the 4th quarter. SeaCrest Wealth Management LLC now owns 1,254 shares of the software maker’s stock valued at $1,419,000 after buying an additional 115 shares in the last quarter. Parisi Gray Wealth Management raised its holdings in shares of Shopify by 6.9% during the 4th quarter. Parisi Gray Wealth Management now owns 557 shares of the software maker’s stock valued at $630,000 after buying an additional 36 shares in the last quarter. Finally, CI Investments Inc. raised its holdings in shares of Shopify by 36.7% during the 4th quarter. CI Investments Inc. now owns 18,179 shares of the software maker’s stock valued at $20,578,000 after buying an additional 4,879 shares in the last quarter. 56.89% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently weighed in on the company. Mizuho raised their price objective on Shopify from $1,050.00 to $1,300.00 and gave the company a “neutral” rating in a report on Friday. They noted that the move was a valuation call. National Bank Financial raised their price objective on Shopify from $1,400.00 to $1,650.00 and gave the company an “outperform” rating in a report on Friday. Wells Fargo & Company raised their price target on Shopify from $1,000.00 to $1,550.00 in a research report on Thursday, February 18th. Robert W. Baird raised their price target on Shopify from $1,200.00 to $1,250.00 in a research report on Friday, October 30th. Finally, The Goldman Sachs Group raised their price target on Shopify from $1,323.00 to $1,680.00 and gave the stock a “buy” rating in a research report on Thursday, February 18th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $1,288.67.

Shares of NYSE SHOP traded down $87.53 during mid-day trading on Tuesday, hitting $1,293.77. 116,471 shares of the stock traded hands, compared to its average volume of 1,270,262. The company has a debt-to-equity ratio of 0.14, a quick ratio of 17.87 and a current ratio of 17.87. Shopify Inc. has a 52 week low of $305.30 and a 52 week high of $1,499.75. The company has a market cap of $157.73 billion, a price-to-earnings ratio of 811.97, a PEG ratio of 37.63 and a beta of 1.60. The stock has a fifty day moving average price of $1,250.18 and a 200-day moving average price of $1,083.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, February 17th. The software maker reported $1.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.56 by $1.02. The business had revenue of $977.74 million during the quarter, compared to analysts’ expectations of $906.82 million. Shopify had a return on equity of 2.35% and a net margin of 7.99%. As a group, sell-side analysts predict that Shopify Inc. will post 1.49 EPS for the current fiscal year.

Shopify Company Profile

Shopify Inc, a commerce company, provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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