Shopify Inc. $SHOP Shares Sold by GFS Advisors LLC

GFS Advisors LLC lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 29.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,960 shares of the software maker’s stock after selling 819 shares during the quarter. GFS Advisors LLC’s holdings in Shopify were worth $226,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Shopify by 1.9% during the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after purchasing an additional 882,168 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after purchasing an additional 1,426,406 shares in the last quarter. Nuveen LLC acquired a new position in shares of Shopify during the first quarter worth about $667,392,000. Canada Pension Plan Investment Board lifted its stake in shares of Shopify by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after purchasing an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Shopify by 21.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock worth $539,382,000 after acquiring an additional 979,598 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Truist Financial boosted their price target on Shopify from $95.00 to $150.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Evercore ISI boosted their price target on Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. The Goldman Sachs Group boosted their price target on Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. 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. Finally, CIBC boosted their price target on Shopify from $145.00 to $185.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $151.95.

Shopify Stock Down 7.8%

Shares of Shopify stock opened at $151.02 on Friday. The firm has a market cap of $196.27 billion, a P/E ratio of 84.37, a P/E/G ratio of 7.07 and a beta of 2.72. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69. The business has a 50-day moving average price of $146.61 and a 200 day moving average price of $119.16.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion during 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 quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.26 earnings per share. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 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.