Syon Capital LLC Cuts Stake in Shopify Inc. $SHOP

Syon Capital LLC lessened its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 33.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 6,989 shares of the software maker’s stock after selling 3,545 shares during the period. Syon Capital LLC’s holdings in Shopify were worth $798,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Kingdom Financial Group LLC. acquired a new position in Shopify during the 4th quarter worth approximately $26,000. Curio Wealth LLC acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $27,000. Evolution Wealth Management Inc. boosted its stake in shares of Shopify by 203.9% in the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock valued at $27,000 after buying an additional 155 shares in the last quarter. Graney & King LLC purchased a new stake in shares of Shopify in the first quarter valued at approximately $27,000. Finally, Lloyd Advisory Services LLC. purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP stock opened at $145.09 on Monday. The stock has a fifty day moving average price of $134.20 and a 200 day moving average price of $122.76. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The stock has a market cap of $186.68 billion, a PE ratio of 98.03, a P/E/G ratio of 2.96 and a beta of 2.61. Shopify Inc. has a 1 year low of $94.00 and a 1 year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The company had revenue of $3.58 billion for the quarter. During the same period last year, the company posted $0.69 EPS. The firm’s revenue for the quarter was up 33.7% on a year-over-year basis. Sell-side analysts forecast that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. DA Davidson set a $200.00 price objective on Shopify and gave the stock a “buy” rating in a research report on Thursday, August 6th. Barclays set a $145.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Citizens Jmp upped their price target on shares of Shopify from $150.00 to $185.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Shopify from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, August 17th. Finally, Benchmark raised their price objective on shares of Shopify from $145.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $170.84.

About Shopify

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.