Tectonic Advisors LLC Cuts Stake in Shopify Inc. $SHOP

Tectonic Advisors LLC lowered its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,939 shares of the software maker’s stock after selling 92 shares during the period. Tectonic Advisors LLC’s holdings in Shopify were worth $1,377,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SHOP. Brighton Jones LLC increased its stake in shares of Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after purchasing an additional 584 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of Shopify by 7.6% during the first quarter. Farther Finance Advisors LLC now owns 13,864 shares of the software maker’s stock worth $1,354,000 after purchasing an additional 977 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after purchasing an additional 428 shares in the last quarter. Accurate Wealth Management LLC grew its holdings in shares of Shopify by 4.0% during the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker’s stock worth $325,000 after buying an additional 131 shares in the last quarter. Finally, Integrated Advisors Network LLC grew its holdings in shares of Shopify by 36.4% during the first quarter. Integrated Advisors Network LLC now owns 15,425 shares of the software maker’s stock worth $1,473,000 after buying an additional 4,117 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SHOP. Bank of America upped their target price on shares of Shopify from $110.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $149.00 target price on shares of Shopify in a research report on Tuesday, September 30th. Arete reaffirmed a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. CIBC increased their price target on shares of Shopify from $145.00 to $185.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Finally, Mizuho increased their price target on shares of Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Hold” and an average price target of $151.95.

Shopify Stock Down 1.5%

Shares of Shopify stock opened at $163.87 on Friday. The firm has a market capitalization of $212.98 billion, a P/E ratio of 91.55, a P/E/G ratio of 7.79 and a beta of 2.72. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The firm’s 50 day moving average is $145.96 and its two-hundred day moving average is $118.77.

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 the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company’s revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the company 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 fiscal year.

Shopify Profile

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.