San Francisco Sentry Investment Group CA lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 93.3% in the third quarter, HoldingsChannel.com reports. The fund owned 25 shares of the software maker’s stock after selling 347 shares during the period. San Francisco Sentry Investment Group CA’s holdings in Shopify were worth $26,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Winfield Associates Inc. increased its position in shares of Shopify by 8.1% in the third quarter. Winfield Associates Inc. now owns 2,260 shares of the software maker’s stock worth $2,312,000 after purchasing an additional 170 shares during the last quarter. Nachman Norwood & Parrott Inc purchased a new position in Shopify in the 3rd quarter worth approximately $79,000. BTC Capital Management Inc. bought a new position in shares of Shopify in the 3rd quarter worth $337,000. First American Trust FSB purchased a new stake in shares of Shopify during the 3rd quarter valued at $212,000. Finally, Avantax Advisory Services Inc. lifted its holdings in shares of Shopify by 210.9% during the 3rd quarter. Avantax Advisory Services Inc. now owns 5,631 shares of the software maker’s stock worth $5,754,000 after acquiring an additional 3,820 shares during the last quarter. 59.45% of the stock is owned by institutional investors.

A number of research firms have weighed in on SHOP. KeyCorp raised their price target on Shopify from $1,150.00 to $1,250.00 and gave the company an “overweight” rating in a research report on Tuesday, October 6th. Atlantic Securities assumed coverage on Shopify in a research report on Wednesday, August 26th. They issued an “overweight” rating and a $1,150.00 target price for the company. Bank of America reiterated a “sell” rating and set a $900.00 price target on shares of Shopify in a research report on Wednesday, July 29th. Roth Capital boosted their price objective on shares of Shopify from $850.00 to $1,000.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, National Bank Financial increased their target price on shares of Shopify from $850.00 to $1,250.00 and gave the company an “outperform” rating in a report on Tuesday, July 14th. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $1,022.25.

Shares of SHOP stock opened at $1,067.21 on Friday. The firm has a market capitalization of $128.72 billion, a price-to-earnings ratio of -1,749.50, a PEG ratio of 177.57 and a beta of 1.37. The stock has a fifty day moving average of $997.43 and a 200 day moving average of $853.61. Shopify Inc. has a 52 week low of $282.08 and a 52 week high of $1,146.91.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $1.04. The business had revenue of $714.34 million during the quarter, compared to analyst estimates of $511.56 million. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The company’s revenue for the quarter was up 97.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. As a group, research analysts predict that Shopify Inc. will post 0.16 EPS for the current year.

Shopify Profile

Shopify Inc, a commerce company, provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, build customer relationships, source products, leverage analytics and reporting, and access financing.

Further Reading: Dead Cat Bounce

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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