Tectonic Advisors LLC Reduces Holdings in Shopify Inc. $SHOP

Tectonic Advisors LLC trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 77.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,705 shares of the software maker’s stock after selling 9,234 shares during the quarter. Tectonic Advisors LLC’s holdings in Shopify were worth $402,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC grew its holdings in Shopify by 107.3% during the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after purchasing an additional 7,544 shares during the period. Integrated Wealth Concepts LLC increased its position in Shopify by 6.0% in the first quarter. Integrated Wealth Concepts LLC now owns 39,742 shares of the software maker’s stock worth $3,794,000 after buying an additional 2,251 shares in the last quarter. NewEdge Advisors LLC increased its position in Shopify by 40.5% in the first quarter. NewEdge Advisors LLC now owns 83,538 shares of the software maker’s stock worth $7,974,000 after buying an additional 24,070 shares in the last quarter. Finally, Sciencast Management LP bought a new position in shares of Shopify in the first quarter worth about $731,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SHOP shares. Raymond James Financial reaffirmed a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. DA Davidson lifted their price target on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Citigroup reiterated a “market outperform” rating on shares of Shopify in a research report on Thursday, December 4th. Royal Bank Of Canada raised their price objective on shares of Shopify from $170.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Finally, National Bankshares lifted their target price on shares of Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $168.69.

Shopify Stock Performance

Shares of NASDAQ SHOP opened at $157.20 on Friday. The company has a market cap of $204.65 billion, a P/E ratio of 116.44, a P/E/G ratio of 4.67 and a beta of 2.83. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The firm’s fifty day moving average is $160.94 and its two-hundred day moving average is $145.86.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued 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 firm had revenue of $2.84 billion during 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%. As a group, analysts forecast that Shopify Inc. will post 1.12 EPS 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.