Shopify Inc. (NYSE:SHOP) Shares Sold by Acorn Financial Advisory Services Inc. ADV

Acorn Financial Advisory Services Inc. ADV cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 7.7% during the third quarter, HoldingsChannel.com reports. The fund owned 27,149 shares of the software maker’s stock after selling 2,277 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Shopify were worth $2,176,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Norden Group LLC acquired a new stake in Shopify in the first quarter valued at approximately $213,000. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Shopify by 1.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 26,259 shares of the software maker’s stock worth $2,026,000 after acquiring an additional 405 shares in the last quarter. Empowered Funds LLC increased its holdings in Shopify by 15.4% during the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock valued at $981,000 after acquiring an additional 1,694 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of Shopify by 38.4% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 11,695 shares of the software maker’s stock valued at $903,000 after acquiring an additional 3,242 shares in the last quarter. Finally, Atomi Financial Group Inc. lifted its stake in shares of Shopify by 15.4% during the first quarter. Atomi Financial Group Inc. now owns 11,326 shares of the software maker’s stock valued at $874,000 after buying an additional 1,510 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Benchmark reiterated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Wolfe Research began coverage on shares of Shopify in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price target on the stock. Citigroup boosted their price target on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.03.

Shopify Stock Up 1.8 %

Shopify stock traded up $1.57 during midday trading on Friday, hitting $87.12. 7,439,028 shares of the stock were exchanged, compared to its average volume of 8,985,780. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $112.42 billion, a price-to-earnings ratio of 88.86, a price-to-earnings-growth ratio of 2.74 and a beta of 2.36. The business’s 50-day moving average price is $78.41 and its 200-day moving average price is $69.83. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released 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 company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.08) EPS. On average, research analysts expect that Shopify Inc. will post 0.76 EPS 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.