Shopify Inc. $SHOP Shares Sold by Louisbourg Investments Inc.

Louisbourg Investments Inc. cut its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 108,287 shares of the software maker’s stock after selling 1,440 shares during the quarter. Shopify makes up 2.7% of Louisbourg Investments Inc.’s investment portfolio, making the stock its 3rd largest position. Louisbourg Investments Inc.’s holdings in Shopify were worth $12,466,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Hummer Financial Advisory Services Inc raised its position in shares of Shopify by 3.8% in the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock valued at $299,000 after buying an additional 95 shares in the last quarter. Salem Investment Counselors Inc. raised its position in shares of Shopify by 16.7% in the second quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock valued at $81,000 after buying an additional 100 shares in the last quarter. Moseley Investment Management Inc. raised its position in shares of Shopify by 2.8% in the second quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock valued at $424,000 after buying an additional 100 shares in the last quarter. Quadcap Wealth Management LLC raised its position in shares of Shopify by 0.9% in the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock valued at $1,063,000 after buying an additional 103 shares in the last quarter. Finally, Centurion Wealth Management LLC raised its position in shares of Shopify by 1.7% in the second quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker’s stock valued at $731,000 after buying an additional 103 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 6th. DA Davidson boosted their price objective on shares of Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Mizuho boosted their target price on shares of Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Phillip Securities cut shares of Shopify from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, August 12th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $150.00 target price (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $151.95.

Shopify Stock Down 7.8%

NASDAQ SHOP opened at $151.02 on Friday. The company has a market capitalization of $196.27 billion, a price-to-earnings ratio of 84.37, a PEG ratio of 7.67 and a beta of 2.72. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $169.69. The stock has a fifty day simple moving average of $146.61 and a 200 day simple moving average of $119.06.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify’s quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. Research analysts expect that Shopify Inc. will post 1.12 earnings per share 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.