Advisory Services Network LLC Reduces Holdings in Shopify Inc. $SHOP

Advisory Services Network LLC lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,934 shares of the software maker’s stock after selling 3,322 shares during the quarter. Advisory Services Network LLC’s holdings in Shopify were worth $8,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Shopify Stock Down 0.3%

Shares of Shopify stock opened at $164.19 on Monday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $182.19. The business has a 50-day moving average price of $159.60 and a 200-day moving average price of $140.02. The firm has a market cap of $213.75 billion, a price-to-earnings ratio of 121.62, a PEG ratio of 6.10 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. On average, equities analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

SHOP has been the subject of several analyst reports. Citigroup reissued a “market outperform” rating on shares of Shopify in a report on Thursday, December 4th. Canaccord Genuity Group lifted their target price on shares of Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. DZ Bank upgraded Shopify from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 6th. Stifel Nicolaus set a $175.00 price target on Shopify in a report on Tuesday, November 4th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $185.00 price objective (up previously from $160.00) on shares of Shopify in a research note on Tuesday, November 4th. Twenty-two 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 presently has a consensus rating of “Hold” and an average price target of $166.53.

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.