Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Sells 520 Shares of Shopify Inc. $SHOP

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 30.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,175 shares of the software maker’s stock after selling 520 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Shopify were worth $136,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Family Legacy Financial Solutions LLC bought a new stake in shares of Shopify during the 2nd quarter valued at approximately $25,000. Tradewinds Capital Management LLC grew its holdings 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. Coastline Trust Co bought a new stake in Shopify during the 2nd quarter worth approximately $29,000. Smithfield Trust Co grew its holdings in Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after acquiring an additional 188 shares during the last quarter. Finally, Dagco Inc. bought a new stake in Shopify during the 1st quarter worth approximately $30,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $167.03 on Friday. The company has a market capitalization of $217.08 billion, a P/E ratio of 93.31, a price-to-earnings-growth ratio of 7.58 and a beta of 2.72. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $169.69. The company’s 50 day moving average price is $149.30 and its 200-day moving average price is $123.18.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (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 the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company’s revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 EPS. Analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

SHOP has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Oppenheimer reissued an “outperform” rating and set a $149.00 target price on shares of Shopify in a report on Tuesday, September 30th. KeyCorp reissued an “overweight” rating and set a $175.00 target price (up from $145.00) on shares of Shopify in a report on Thursday, August 7th. Citigroup boosted their target price on shares of Shopify from $155.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Finally, Phillip Securities lowered shares of Shopify from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $153.30.

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.