Checchi Capital Advisers LLC Sells 276 Shares of Shopify Inc. $SHOP

Checchi Capital Advisers LLC reduced its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,853 shares of the software maker’s stock after selling 276 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Shopify were worth $560,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp raised its stake in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after buying an additional 1,426,406 shares during the period. Nuveen LLC acquired a new stake in shares of Shopify in the first quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board boosted its stake in shares of Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after acquiring an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Shopify by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker’s stock worth $539,382,000 after acquiring an additional 979,598 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 2.1%

NASDAQ SHOP opened at $164.50 on Tuesday. The company has a market cap of $213.79 billion, a price-to-earnings ratio of 91.90, a PEG ratio of 7.64 and a beta of 2.72. The company has a 50 day moving average of $143.53 and a 200-day moving average of $117.76. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company’s revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the company earned $0.26 EPS. On average, equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SHOP. TD Cowen reaffirmed a “hold” rating and set a $156.00 price target on shares of Shopify in a report on Friday. Loop Capital cut shares of Shopify from a “buy” rating to a “hold” rating and set a $120.00 target price for the company. in a research note on Tuesday, July 22nd. Arete Research upgraded shares of Shopify to a “hold” rating in a research note on Wednesday, July 23rd. JMP Securities raised their price objective on shares of Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $150.59.

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.