Royal Fund Management LLC Sells 62,455 Shares of Shopify Inc. $SHOP

Royal Fund Management LLC reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 84.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,842 shares of the software maker’s stock after selling 62,455 shares during the quarter. Royal Fund Management LLC’s holdings in Shopify were worth $1,760,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of SHOP. JCIC Asset Management Inc. acquired a new stake in Shopify during the third quarter worth about $8,702,000. DMC Group LLC lifted its holdings in shares of Shopify by 8.0% during the 3rd quarter. DMC Group LLC now owns 11,024 shares of the software maker’s stock worth $1,638,000 after acquiring an additional 821 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Shopify by 21.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,536,825 shares of the software maker’s stock worth $822,828,000 after acquiring an additional 973,132 shares during the period. One Wealth Management Investment & Advisory Services LLC boosted its position in shares of Shopify by 4.3% during the 3rd quarter. One Wealth Management Investment & Advisory Services LLC now owns 5,394 shares of the software maker’s stock worth $802,000 after acquiring an additional 223 shares in the last quarter. Finally, BLVD Private Wealth LLC bought a new position in Shopify in the third quarter valued at approximately $204,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on SHOP shares. Zacks Research cut Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. UBS Group set a $195.00 price target on Shopify in a report on Wednesday, December 3rd. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $198.00 price objective (up from $125.00) on shares of Shopify in a research note on Wednesday, December 17th. Truist Financial set a $155.00 target price on Shopify and gave the stock a “hold” rating in a research note on Tuesday, November 4th. Finally, Scotiabank raised shares of Shopify from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $165.00 to $200.00 in a report on Thursday, January 8th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty-one have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $171.61.

Shopify Trading Down 1.4%

Shares of SHOP stock opened at $155.81 on Monday. The business’s 50-day moving average price is $160.05 and its 200-day moving average price is $149.81. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19. The firm has a market capitalization of $202.84 billion, a price-to-earnings ratio of 115.41, a PEG ratio of 4.60 and a beta of 2.83.

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 company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. On average, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.