Avitas Wealth Management LLC Sells 214 Shares of Shopify Inc. (NYSE:SHOP)

Avitas Wealth Management LLC reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.0% in the third quarter, HoldingsChannel reports. The firm owned 21,369 shares of the software maker’s stock after selling 214 shares during the period. Avitas Wealth Management LLC’s holdings in Shopify were worth $1,713,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group increased its position in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the 2nd quarter valued at approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the 2nd quarter worth approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Shopify during the 2nd quarter worth approximately $39,000. Finally, GAMMA Investing LLC increased its stake in Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock valued at $48,000 after purchasing an additional 253 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of Shopify stock opened at $80.40 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The business’s 50 day moving average price is $77.33 and its 200 day moving average price is $69.17. The company has a market cap of $103.61 billion, a price-to-earnings ratio of -472.94, a PEG ratio of 2.65 and a beta of 2.36. Shopify Inc. has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. Shopify had a net margin of 16.40% and a return on equity of 10.88%. Shopify’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. On average, research analysts predict that Shopify Inc. will post 0.76 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Wells Fargo & Company boosted their price target on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 11th. Robert W. Baird raised their price objective on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Wolfe Research initiated coverage on Shopify in a report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 target price for the company. Finally, Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and increased their price target for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.21.

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.