Harbor Capital Advisors Inc. Has $2.75 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Harbor Capital Advisors Inc. trimmed its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,339 shares of the software maker’s stock after selling 3,633 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Shopify were worth $2,752,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Private Wealth Partners LLC increased its position in Shopify by 12.4% in the third quarter. Private Wealth Partners LLC now owns 19,940 shares of the software maker’s stock worth $1,598,000 after purchasing an additional 2,200 shares during the period. Clear Creek Financial Management LLC increased its position in Shopify by 2.4% in the third quarter. Clear Creek Financial Management LLC now owns 7,215 shares of the software maker’s stock worth $578,000 after purchasing an additional 172 shares during the period. Fullcircle Wealth LLC acquired a new stake in Shopify in the third quarter worth about $332,000. Chicago Partners Investment Group LLC boosted its holdings in Shopify by 42.4% during the third quarter. Chicago Partners Investment Group LLC now owns 23,783 shares of the software maker’s stock worth $1,895,000 after buying an additional 7,079 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Shopify by 1.9% during the third quarter. Farther Finance Advisors LLC now owns 17,147 shares of the software maker’s stock worth $1,374,000 after buying an additional 312 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 0.7 %

SHOP stock opened at $78.44 on Tuesday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $101.22 billion, a PE ratio of 80.04, a PEG ratio of 2.62 and a beta of 2.36. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $91.57. The business’s 50 day simple moving average is $77.61 and its 200 day simple moving average is $69.45.

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

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent analyst reports. KeyCorp initiated coverage on Shopify in a report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price on the stock. Evercore raised their target price on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Wedbush restated a “neutral” rating and set a $72.00 target price (up previously from $68.00) on shares of Shopify in a report on Wednesday, August 7th. Royal Bank of Canada raised their target price on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. raised their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.03.

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.