Washburn Capital Management Inc. Sells 1,260 Shares of Shopify Inc. (NYSE:SHOP)

Washburn Capital Management Inc. decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 32.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,585 shares of the software maker’s stock after selling 1,260 shares during the period. Washburn Capital Management Inc.’s holdings in Shopify were worth $207,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Baker Tilly Wealth Management LLC raised its holdings in shares of Shopify by 12.9% during the 3rd quarter. Baker Tilly Wealth Management LLC now owns 13,992 shares of the software maker’s stock worth $1,121,000 after acquiring an additional 1,598 shares in the last quarter. New World Advisors LLC lifted its stake in Shopify by 37.4% in the third quarter. New World Advisors LLC now owns 5,825 shares of the software maker’s stock worth $467,000 after acquiring an additional 1,587 shares during the period. J.W. Cole Advisors Inc. boosted its position in Shopify by 27.2% during the third quarter. J.W. Cole Advisors Inc. now owns 21,779 shares of the software maker’s stock valued at $1,745,000 after purchasing an additional 4,663 shares in the last quarter. Bristlecone Advisors LLC lifted its holdings in shares of Shopify by 3.7% during the 3rd quarter. Bristlecone Advisors LLC now owns 25,128 shares of the software maker’s stock valued at $2,014,000 after purchasing an additional 905 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in Shopify by 5.9% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 524,986 shares of the software maker’s stock worth $41,557,000 after purchasing an additional 29,425 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 0.9 %

Shares of SHOP traded up $0.72 during trading hours on Monday, reaching $79.77. The stock had a trading volume of 676,319 shares, compared to its average volume of 9,135,364. 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 company has a market capitalization of $102.93 billion, a price-to-earnings ratio of 80.66, a P/E/G ratio of 2.65 and a beta of 2.36. The firm has a 50-day simple moving average of $77.13 and a 200 day simple moving average of $69.04.

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

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Bank of America upgraded Shopify from a “neutral” rating to a “buy” rating and lifted their target price for the company from $78.00 to $82.00 in a research report on Tuesday, July 16th. Evercore ISI lifted their target price on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Argus upgraded Shopify to a “strong-buy” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.21.

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.