Shopify Inc. (NYSE:SHOP) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 47.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,368 shares of the software maker’s stock after selling 5,811 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Shopify were worth $514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group boosted its stake in shares of Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new position in Shopify during the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. acquired a new stake in Shopify in the second quarter valued at approximately $33,000. Rosenberg Matthew Hamilton increased its position in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Shopify during the 2nd quarter worth approximately $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SHOP shares. Oppenheimer lifted their price target on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday. Canaccord Genuity Group lifted their target price on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday. Scotiabank upped their price target on shares of Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. Redburn Atlantic upgraded Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a report on Tuesday, September 17th. Finally, KeyCorp boosted their price objective on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Trading Up 5.7 %

SHOP opened at $115.13 on Thursday. 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 firm has a market cap of $148.56 billion, a P/E ratio of 104.86, a P/E/G ratio of 3.64 and a beta of 2.36. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The business has a fifty day simple moving average of $79.47 and a 200-day simple moving average of $70.18.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. Shopify had a return on equity of 11.94% and a net margin of 16.84%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.11 billion. On average, equities analysts expect that Shopify Inc. will post 0.76 earnings per share for the current 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.