Wellington Shields Capital Management LLC Sells 1,250 Shares of Shopify Inc. $SHOP

Wellington Shields Capital Management LLC lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 8,200 shares of the software maker’s stock after selling 1,250 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in Shopify were worth $946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Hummer Financial Advisory Services Inc grew its position in Shopify by 3.8% in the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after acquiring an additional 95 shares in the last quarter. Salem Investment Counselors Inc. lifted its stake in shares of 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 purchasing an additional 100 shares during the last quarter. Moseley Investment Management Inc. boosted its holdings in shares of Shopify by 2.8% in the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock worth $424,000 after purchasing an additional 100 shares during the period. Tradewinds Capital Management LLC increased its position in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Finally, Moser Wealth Advisors LLC increased its position in shares of Shopify by 1.0% during the 2nd quarter. Moser Wealth Advisors LLC now owns 10,274 shares of the software maker’s stock valued at $1,185,000 after purchasing an additional 100 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SHOP has been the subject of a number of analyst reports. Citigroup raised their price target on Shopify from $155.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. DA Davidson increased their target price on shares of Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Scotiabank reaffirmed a “sector perform” rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Arete reiterated a “neutral” rating on shares of Shopify in a report on Wednesday, July 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Shopify in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $155.35.

Shopify Stock Performance

Shopify stock opened at $173.86 on Monday. The company has a market capitalization of $225.96 billion, a PE ratio of 97.13, a P/E/G ratio of 8.14 and a beta of 2.72. The company has a 50 day moving average price of $153.57 and a 200-day moving average price of $127.88. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping 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 company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the business posted $0.26 EPS. Shopify’s quarterly revenue was up 31.1% on a year-over-year basis. On average, analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Shopify Profile

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.