Shopify Inc. $SHOP Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. cut its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 11,914 shares of the software maker’s stock after selling 692 shares during the period. Sumitomo Life Insurance Co.’s holdings in Shopify were worth $1,374,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Hummer Financial Advisory Services Inc raised its holdings in Shopify by 3.8% in the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock valued at $299,000 after acquiring an additional 95 shares during the last quarter. Salem Investment Counselors Inc. raised its holdings in Shopify by 16.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock valued at $81,000 after acquiring an additional 100 shares during the last quarter. Moseley Investment Management Inc. raised its holdings in Shopify by 2.8% in the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock valued at $424,000 after acquiring an additional 100 shares during the last quarter. Tradewinds Capital Management LLC raised its holdings in Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares during the last quarter. Finally, Moser Wealth Advisors LLC raised its holdings in Shopify by 1.0% in the 2nd quarter. Moser Wealth Advisors LLC now owns 10,274 shares of the software maker’s stock valued at $1,185,000 after acquiring an additional 100 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Needham & Company LLC assumed coverage on Shopify in a report on Monday, July 14th. They set a “buy” rating and a $135.00 price objective for the company. Wedbush upped their price objective on Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. TD Cowen restated a “hold” rating and set a $156.00 price objective on shares of Shopify in a report on Friday, October 3rd. Oppenheimer restated an “outperform” rating and set a $200.00 price objective (up from $180.00) on shares of Shopify in a report on Tuesday, October 28th. Finally, TD Securities upped their price objective on Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average price target of $155.35.

Shopify Trading Up 0.1%

Shares of NASDAQ SHOP opened at $173.86 on Monday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The company has a market cap of $225.96 billion, a P/E ratio of 97.13, a P/E/G ratio of 8.14 and a beta of 2.72. The stock has a fifty day moving average price of $153.57 and a 200 day moving average price of $127.88.

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