PFG Investments LLC Sells 395,132 Shares of Shopify Inc. $SHOP

PFG Investments LLC cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 98.2% during the third quarter, Holdings Channel.com reports. The fund owned 7,355 shares of the software maker’s stock after selling 395,132 shares during the period. PFG Investments LLC’s holdings in Shopify were worth $1,093,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Heartwood Wealth Advisors LLC bought a new stake in Shopify during the 3rd quarter valued at approximately $27,000. Rothschild Investment LLC grew its holdings in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Financial Gravity Companies Inc. bought a new stake in shares of Shopify during the second quarter valued at approximately $27,000. Tradewinds Capital Management LLC lifted its holdings in shares of Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after buying an additional 100 shares in the last quarter. Finally, Coastline Trust Co purchased a new position in shares of Shopify in the second quarter worth $29,000. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a research note on Thursday, December 4th. Robert W. Baird raised their price objective on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. DZ Bank raised Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. KeyCorp increased their price target on Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, October 30th. Finally, Canaccord Genuity Group raised their price target on Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $171.61.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $137.89 on Monday. The business’s 50 day moving average is $159.00 and its two-hundred day moving average is $150.76. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The stock has a market capitalization of $179.51 billion, a P/E ratio of 102.14, a PEG ratio of 4.08 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.