Traynor Capital Management Inc. Cuts Stake in Shopify Inc. (NYSE:SHOP)

Traynor Capital Management Inc. reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,906 shares of the software maker’s stock after selling 148 shares during the period. Traynor Capital Management Inc.’s holdings in Shopify were worth $538,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SHOP. SeaCrest Wealth Management LLC bought a new position in shares of Shopify during the fourth quarter valued at $433,000. Values First Advisors Inc. bought a new position in shares of Shopify during the fourth quarter valued at $218,000. Ritholtz Wealth Management lifted its holdings in shares of Shopify by 21.4% during the fourth quarter. Ritholtz Wealth Management now owns 12,533 shares of the software maker’s stock valued at $976,000 after purchasing an additional 2,213 shares in the last quarter. Trueblood Wealth Management LLC bought a new position in shares of Shopify during the fourth quarter valued at $254,000. Finally, Good Life Advisors LLC lifted its holdings in shares of Shopify by 2.1% during the fourth quarter. Good Life Advisors LLC now owns 21,844 shares of the software maker’s stock valued at $1,702,000 after purchasing an additional 445 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Down 1.8 %

NYSE SHOP traded down $1.45 on Friday, reaching $77.17. 4,260,950 shares of the stock traded hands, compared to its average volume of 6,829,506. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The company has a fifty day moving average price of $79.33 and a 200-day moving average price of $70.04. The company has a market cap of $99.28 billion, a price-to-earnings ratio of 857.54 and a beta of 2.22. Shopify Inc. has a 12 month low of $43.50 and a 12 month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. As a group, research analysts forecast that Shopify Inc. will post 0.57 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on SHOP. Roth Capital increased their target price on Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. UBS Group increased their target price on Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. DZ Bank reissued a “sell” rating and issued a $65.00 target price on shares of Shopify in a report on Tuesday, December 12th. CIBC increased their target price on Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Finally, Piper Sandler upped their price target on Shopify from $56.00 to $63.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 14th. Three equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Shopify presently has an average rating of “Hold” and an average price target of $76.42.

Shopify Company 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.