HL Financial Services LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SH) by 20.5% during the second quarter, Holdings Channel reports. The institutional investor owned 8,348 shares of the software maker’s stock after selling 2,149 shares during the period. HL Financial Services LLC’s holdings in Shopify were worth $725,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of SHOP. Montrusco Bolton Investments Inc. bought a new position in Shopify during the first quarter valued at about $13,544,000. Callahan Advisors LLC bought a new position in Shopify during the first quarter valued at about $270,000. Russell Investments Group Ltd. raised its position in Shopify by 81.5% in the first quarter. Russell Investments Group Ltd. now owns 85,786 shares of the software maker’s stock valued at $5,840,000 after buying an additional 38,522 shares in the last quarter. Barton Investment Management increased its stake in shares of Shopify by 60.6% in the first quarter. Barton Investment Management now owns 229,820 shares of the software maker’s stock valued at $15,648,000 after buying an additional 86,680 shares during the last quarter. Finally, Shell Asset Management Co. increased its stake in shares of Shopify by 54.9% in the first quarter. Shell Asset Management Co. now owns 7,738 shares of the software maker’s stock valued at $702,000 after buying an additional 2,744 shares during the last quarter. Institutional investors and hedge funds own 61.47% of the company’s stock.

Shares of Shopify Inc. (NYSE:SHOP) opened at 91.71 on Friday. The firm’s market capitalization is $9.04 billion. Shopify Inc. has a 52-week low of $37.00 and a 52-week high of $105.79. The stock has a 50 day moving average of $92.14 and a 200-day moving average of $77.97.

Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The firm had revenue of $151.70 million during the quarter, compared to the consensus estimate of $143.94 million. During the same period last year, the firm earned ($0.04) EPS. The business’s quarterly revenue was up 75.2% compared to the same quarter last year. Equities analysts expect that Shopify Inc. will post ($0.05) earnings per share for the current fiscal year.

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Several brokerages recently commented on SHOP. Vetr downgraded Shopify from a “strong-buy” rating to a “hold” rating and set a $107.64 price objective on the stock. in a research note on Wednesday, August 2nd. Royal Bank Of Canada raised their price objective on Shopify from $78.00 to $99.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 2nd. Robert W. Baird raised their price objective on Shopify from $95.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Canaccord Genuity reaffirmed a “buy” rating and set a $115.00 price objective (up previously from $90.00) on shares of Shopify in a research note on Wednesday, August 2nd. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Shopify in a research note on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Shopify presently has a consensus rating of “Buy” and a consensus price target of $88.33.

Shopify Company Profile

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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