Manchester Financial Inc. Sells 390 Shares of Shopify Inc. (NYSE:SHOP)

Manchester Financial Inc. reduced its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,713 shares of the software maker’s stock after selling 390 shares during the quarter. Manchester Financial Inc.’s holdings in Shopify were worth $217,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SHOP. Brookstone Capital Management raised its holdings in shares of Shopify by 3.5% in the 1st quarter. Brookstone Capital Management now owns 7,646 shares of the software maker’s stock worth $590,000 after buying an additional 260 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in shares of Shopify by 5.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 4,340 shares of the software maker’s stock valued at $335,000 after acquiring an additional 219 shares during the period. Fiduciary Alliance LLC boosted its stake in shares of Shopify by 128.7% in the 1st quarter. Fiduciary Alliance LLC now owns 6,557 shares of the software maker’s stock valued at $513,000 after purchasing an additional 3,690 shares in the last quarter. Miracle Mile Advisors LLC grew its holdings in shares of Shopify by 10.1% in the 1st quarter. Miracle Mile Advisors LLC now owns 3,444 shares of the software maker’s stock worth $266,000 after purchasing an additional 316 shares during the last quarter. Finally, CAP Partners LLC grew its holdings in shares of Shopify by 4.0% in the 1st quarter. CAP Partners LLC now owns 16,538 shares of the software maker’s stock worth $1,276,000 after purchasing an additional 636 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SHOP. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and increased their price target for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. Barclays lifted their price objective on Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Loop Capital boosted their price objective on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI raised their target price on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $80.21.

Shopify Trading Down 1.0 %

SHOP opened at $79.05 on Friday. The stock has a market capitalization of $101.87 billion, a P/E ratio of -465.00, a P/E/G ratio of 2.73 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The firm’s fifty day simple moving average is $77.13 and its 200 day simple moving average is $69.06.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company posted ($0.08) earnings per share. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. As a group, research analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Shopify Company 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.