Shopify Inc. $SHOP Shares Sold by Brown Capital Management LLC

Brown Capital Management LLC decreased its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 415,776 shares of the software maker’s stock after selling 7,943 shares during the period. Shopify accounts for 1.4% of Brown Capital Management LLC’s portfolio, making the stock its 29th biggest position. Brown Capital Management LLC’s holdings in Shopify were worth $47,960,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Family Legacy Financial Solutions LLC acquired a new position in Shopify in the second quarter valued at $25,000. Rothschild Investment LLC lifted its holdings in shares of Shopify by 47.5% in the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Financial Gravity Companies Inc. acquired a new stake in shares of Shopify in the 2nd quarter valued at about $27,000. Tradewinds Capital Management LLC boosted its position in shares of Shopify by 71.4% in the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Finally, Coastline Trust Co purchased a new position in Shopify during the 2nd quarter worth approximately $29,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 1.4%

NASDAQ SHOP opened at $162.31 on Friday. The stock has a market capitalization of $211.30 billion, a P/E ratio of 120.23, a P/E/G ratio of 5.94 and a beta of 2.82. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The firm has a 50-day moving average price of $158.06 and a 200 day moving average price of $137.11.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $2.84 billion for 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%. On average, equities research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Evercore ISI increased their price objective on Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Stifel Nicolaus set a $175.00 price objective on shares of Shopify in a research report on Tuesday, November 4th. DA Davidson upped their target price on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. The Goldman Sachs Group raised their price target on Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research report on Monday. Twenty-two investment analysts have rated the stock with a Buy rating and twenty-four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $166.53.

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.