Watts Gwilliam & Co. LLC Lowers Position in Shopify Inc. $SHOP

Watts Gwilliam & Co. LLC decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 17.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 14,946 shares of the software maker’s stock after selling 3,144 shares during the period. Watts Gwilliam & Co. LLC’s holdings in Shopify were worth $1,724,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SHOP. Family Legacy Financial Solutions LLC purchased a new stake in Shopify in the second quarter worth about $25,000. Financial Gravity Companies Inc. bought a new stake in shares of Shopify in the 2nd quarter worth approximately $27,000. Rothschild Investment LLC grew its stake in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Tradewinds Capital Management LLC grew its stake in shares of Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after buying an additional 100 shares during the last quarter. Finally, Coastline Trust Co bought a new position in Shopify during the 2nd quarter valued at approximately $29,000. Institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

SHOP has been the topic of several analyst reports. Canaccord Genuity Group boosted their target price on Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. CIBC reiterated an “outperform” rating on shares of Shopify in a research note on Wednesday, November 5th. Needham & Company LLC restated a “buy” rating and set a $180.00 price objective on shares of Shopify in a research note on Wednesday, November 5th. TD Cowen reaffirmed a “hold” rating and issued a $156.00 target price on shares of Shopify in a report on Friday, October 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a research note on Monday, December 8th. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $166.53.

Shopify Stock Performance

SHOP opened at $164.19 on Monday. The company’s 50-day simple moving average is $159.60 and its two-hundred day simple moving average is $140.02. The stock has a market capitalization of $213.75 billion, a P/E ratio of 121.62, a P/E/G ratio of 6.10 and a beta of 2.82. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. Research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify Company 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.