Thurston Springer Miller Herd & Titak Inc. Decreases Stock Position in Shopify Inc. $SHOP

Thurston Springer Miller Herd & Titak Inc. decreased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 94.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 587 shares of the software maker’s stock after selling 9,520 shares during the period. Thurston Springer Miller Herd & Titak Inc.’s holdings in Shopify were worth $87,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Grant Private Wealth Management Inc purchased a new stake in shares of Shopify in the 3rd quarter worth about $1,401,000. Assenagon Asset Management S.A. raised its holdings in Shopify by 1.6% in the third quarter. Assenagon Asset Management S.A. now owns 40,017 shares of the software maker’s stock worth $5,946,000 after buying an additional 631 shares during the last quarter. Sonora Investment Management Group LLC lifted its stake in shares of Shopify by 15.8% in the third quarter. Sonora Investment Management Group LLC now owns 3,060 shares of the software maker’s stock worth $455,000 after buying an additional 418 shares in the last quarter. Heartwood Wealth Advisors LLC bought a new position in shares of Shopify in the third quarter worth approximately $27,000. Finally, Venture Visionary Partners LLC grew its holdings in shares of Shopify by 1.8% during the third quarter. Venture Visionary Partners LLC now owns 77,762 shares of the software maker’s stock valued at $11,556,000 after buying an additional 1,365 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 0.9%

NASDAQ SHOP opened at $161.73 on Thursday. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The company’s 50 day moving average is $159.45 and its two-hundred day moving average is $140.95. The stock has a market cap of $210.55 billion, a price-to-earnings ratio of 119.80, a PEG ratio of 6.06 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. Sell-side analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the subject of a number of research analyst reports. Wedbush reissued an “outperform” rating and issued a $185.00 target price (up previously from $160.00) on shares of Shopify in a report on Tuesday, November 4th. JPMorgan Chase & Co. increased their price objective on Shopify from $179.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. National Bankshares lifted their price objective on Shopify from $180.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Wells Fargo & Company reissued an “overweight” rating and issued a $198.00 target price (up previously from $125.00) on shares of Shopify in a research report on Wednesday. Finally, CIBC reaffirmed an “outperform” rating on shares of Shopify in a report on Wednesday, November 5th. Twenty-two research analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the company. According to data from MarketBeat, Shopify presently has an average rating of “Hold” and an average target price of $168.69.

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.