Shopify Inc. $SHOP Shares Sold by Interchange Capital Partners LLC

Interchange Capital Partners LLC lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 88.1% during the second quarter, Holdings Channel reports. The firm owned 1,564 shares of the software maker’s stock after selling 11,603 shares during the period. Interchange Capital Partners LLC’s holdings in Shopify were worth $180,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Generali Asset Management SPA SGR raised its holdings in Shopify by 0.8% during the second quarter. Generali Asset Management SPA SGR now owns 93,504 shares of the software maker’s stock worth $10,786,000 after purchasing an additional 714 shares in the last quarter. Ritholtz Wealth Management raised its holdings in Shopify by 20.7% during the second quarter. Ritholtz Wealth Management now owns 27,936 shares of the software maker’s stock worth $3,222,000 after purchasing an additional 4,782 shares in the last quarter. JGP Wealth Management LLC raised its holdings in Shopify by 21.5% during the second quarter. JGP Wealth Management LLC now owns 6,113 shares of the software maker’s stock worth $705,000 after purchasing an additional 1,080 shares in the last quarter. Cypress Wealth Services LLC raised its holdings in Shopify by 2.2% during the second quarter. Cypress Wealth Services LLC now owns 17,036 shares of the software maker’s stock worth $1,965,000 after purchasing an additional 374 shares in the last quarter. Finally, Bayforest Capital Ltd raised its holdings in Shopify by 194.3% during the second quarter. Bayforest Capital Ltd now owns 1,177 shares of the software maker’s stock worth $136,000 after purchasing an additional 777 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a report on Wednesday, October 8th. Evercore ISI raised their price objective on shares of Shopify from $120.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. ATB Capital lowered shares of Shopify to a “sector perform” rating in a research report on Thursday, August 7th. Loop Capital lowered shares of Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price on the stock. in a research report on Tuesday, July 22nd. Finally, TD Securities raised their target price on shares of Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a research report on Friday, October 3rd. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $151.95.

Shopify Price Performance

NASDAQ:SHOP opened at $152.88 on Wednesday. The firm’s fifty day moving average price is $147.70 and its 200 day moving average price is $119.91. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69. The firm has a market cap of $198.69 billion, a price-to-earnings ratio of 85.41, a price-to-earnings-growth ratio of 7.19 and a beta of 2.72.

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