Powell Investment Advisors LLC Has $281,000 Stock Holdings in Shopify Inc. (NYSE:SHOP)

Powell Investment Advisors LLC trimmed its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 24.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,635 shares of the software maker’s stock after selling 1,200 shares during the quarter. Powell Investment Advisors LLC’s holdings in Shopify were worth $281,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Shopify during the fourth quarter valued at about $1,049,089,000. Capital World Investors raised its position in Shopify by 28.7% in the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after acquiring an additional 8,789,411 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in Shopify by 118.9% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock worth $263,452,000 after acquiring an additional 1,837,000 shares during the period. Artisan Partners Limited Partnership raised its position in Shopify by 33.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 6,416,115 shares of the software maker’s stock worth $499,815,000 after acquiring an additional 1,606,482 shares during the period. Finally, Baillie Gifford & Co. raised its position in shares of Shopify by 2.3% in the fourth quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after purchasing an additional 1,419,749 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Scotiabank lowered their price target on shares of Shopify from $80.00 to $75.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 9th. BNP Paribas raised shares of Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 2nd. Evercore raised shares of Shopify from an “in-line” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Friday, June 14th. Mizuho reduced their price objective on shares of Shopify from $75.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Finally, DA Davidson cut their price target on shares of Shopify from $90.00 to $84.00 and set a “buy” rating for the company in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $76.42.

Shopify Stock Down 0.5 %

Shares of SHOP stock traded down $0.32 on Friday, hitting $66.05. The stock had a trading volume of 6,314,460 shares, compared to its average volume of 10,317,909. The company has a quick ratio of 7.14, a current ratio of 7.14 and a debt-to-equity ratio of 0.10. The business has a 50 day moving average price of $64.33 and a 200 day moving average price of $73.10. The company has a market cap of $85.12 billion, a PE ratio of -390.53, a P/E/G ratio of 3.29 and a beta of 2.27. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.04. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. Research analysts anticipate that Shopify Inc. will post 0.61 earnings per share for the current fiscal year.

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.