Prime Capital Investment Advisors LLC Sells 684 Shares of Shopify Inc. $SHOP

Prime Capital Investment Advisors LLC cut its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.9% in the second quarter, HoldingsChannel.com reports. The firm owned 16,897 shares of the software maker’s stock after selling 684 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Shopify were worth $1,949,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Belpointe Asset Management LLC bought a new position in Shopify in the second quarter worth about $224,000. PUREfi Wealth LLC raised its holdings in Shopify by 12.6% in the second quarter. PUREfi Wealth LLC now owns 5,581 shares of the software maker’s stock worth $644,000 after purchasing an additional 625 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in Shopify by 2.9% in the second quarter. DAVENPORT & Co LLC now owns 24,535 shares of the software maker’s stock worth $2,830,000 after purchasing an additional 688 shares in the last quarter. JSF Financial LLC bought a new position in Shopify in the second quarter worth about $275,000. Finally, Wealthcare Advisory Partners LLC raised its holdings in Shopify by 32.8% in the second quarter. Wealthcare Advisory Partners LLC now owns 4,992 shares of the software maker’s stock worth $576,000 after purchasing an additional 1,233 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 2.0%

Shares of NASDAQ SHOP opened at $161.28 on Wednesday. The business’s 50 day moving average price is $144.26 and its 200 day moving average price is $118.06. The firm has a market cap of $209.61 billion, a P/E ratio of 90.10, a P/E/G ratio of 7.70 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 earnings per share. As a group, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

SHOP has been the subject of a number of recent research reports. DA Davidson boosted their target price on shares of Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Needham & Company LLC assumed coverage on Shopify in a research note on Monday, July 14th. They set a “buy” rating and a $135.00 price target on the stock. TD Securities boosted their price target on Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a research note on Friday, October 3rd. National Bankshares boosted their price target on Shopify from $140.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their price target on Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Hold” and a consensus target price of $151.95.

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.