Spire Wealth Management Cuts Stake in Shopify Inc. $SHOP

Spire Wealth Management reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 15.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 70,111 shares of the software maker’s stock after selling 12,759 shares during the period. Spire Wealth Management’s holdings in Shopify were worth $7,929,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Hummer Financial Advisory Services Inc lifted its holdings in shares of Shopify by 3.8% during the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after acquiring an additional 95 shares during the period. Salem Investment Counselors Inc. lifted its holdings in shares of Shopify by 16.7% during the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock worth $81,000 after acquiring an additional 100 shares during the period. Moseley Investment Management Inc. lifted its holdings in shares of Shopify by 2.8% during the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock worth $424,000 after acquiring an additional 100 shares during the period. Tradewinds Capital Management LLC lifted its holdings in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares during the period. Finally, Moser Wealth Advisors LLC lifted its holdings in shares of Shopify by 1.0% during the 2nd quarter. Moser Wealth Advisors LLC now owns 10,274 shares of the software maker’s stock worth $1,185,000 after acquiring an additional 100 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SHOP. JMP Securities raised their price target on shares of Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, August 7th. Citigroup raised their price target on shares of Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a report on Friday, August 8th. Robert W. Baird raised their price target on shares of Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. Evercore ISI raised their price target on shares of Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Finally, UBS Group raised their price target on shares of Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $154.68.

Shopify Stock Up 0.0%

SHOP opened at $179.01 on Thursday. The firm has a market capitalization of $232.65 billion, a P/E ratio of 100.01, a P/E/G ratio of 8.38 and a beta of 2.72. The firm’s 50 day moving average is $152.20 and its 200-day moving average is $126.31. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19.

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