Valeo Financial Advisors LLC Lowers Stock Holdings in Shopify Inc. $SHOP

Valeo Financial Advisors LLC reduced its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 19,049 shares of the software maker’s stock after selling 668 shares during the period. Valeo Financial Advisors LLC’s holdings in Shopify were worth $2,197,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Family Legacy Financial Solutions LLC purchased a new position in shares of Shopify during the second quarter worth $25,000. Coastline Trust Co purchased a new position in shares of Shopify during the second quarter worth $29,000. Smithfield Trust Co boosted its position in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after buying an additional 188 shares during the period. Dagco Inc. purchased a new position in shares of Shopify during the first quarter worth $30,000. Finally, Global Wealth Strategies & Associates boosted its position in shares of Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock worth $30,000 after buying an additional 170 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shopify stock opened at $164.50 on Tuesday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $169.69. The stock has a market cap of $213.79 billion, a PE ratio of 91.90, a P/E/G ratio of 7.64 and a beta of 2.72. The stock’s fifty day moving average is $143.53 and its two-hundred day moving average is $117.76.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on SHOP. CIBC lifted their target price on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Wedbush lifted their target price on Shopify from $115.00 to $160.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. The Goldman Sachs Group lifted their target price on Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, August 7th. JMP Securities lifted their target price on Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, August 7th. Finally, Evercore ISI lifted their target price on Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average 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.