Harbour Investments Inc. Cuts Holdings in Shopify Inc. (NYSE:SHOP)

Harbour Investments Inc. decreased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,088 shares of the software maker’s stock after selling 295 shares during the period. Harbour Investments Inc.’s holdings in Shopify were worth $1,369,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Oliver Lagore Vanvalin Investment Group raised its position in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the period. Rosenberg Matthew Hamilton raised its position in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. Cultivar Capital Inc. bought a new stake in Shopify in the second quarter worth about $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify in the second quarter worth about $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Shopify in the second quarter worth about $39,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on SHOP shares. JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. JMP Securities boosted their price target on shares of Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research report on Wednesday. Morgan Stanley boosted their price target on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Wedbush reissued a “neutral” rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a research report on Tuesday. Finally, Barclays boosted their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Price Performance

SHOP stock opened at $109.08 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The firm’s fifty day moving average is $80.36 and its 200 day moving average is $70.50. The firm has a market cap of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.64 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.94%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Research analysts predict that Shopify Inc. will post 0.76 earnings per share for the current 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.