Latitude Advisors LLC Sells 2,300 Shares of Shopify Inc. (NYSE:SHOP)

Latitude Advisors LLC trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 38.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,728 shares of the software maker’s stock after selling 2,300 shares during the period. Latitude Advisors LLC’s holdings in Shopify were worth $299,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SHOP. Norden Group LLC bought a new stake in Shopify in the first quarter worth approximately $213,000. Diversify Advisory Services LLC bought a new stake in shares of Shopify during the 1st quarter worth $545,000. Janney Montgomery Scott LLC boosted its holdings in shares of Shopify by 45.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 147,808 shares of the software maker’s stock worth $11,406,000 after buying an additional 46,413 shares during the period. Choreo LLC boosted its holdings in shares of Shopify by 14.1% during the 1st quarter. Choreo LLC now owns 11,522 shares of the software maker’s stock worth $889,000 after buying an additional 1,426 shares during the period. Finally, BNP Paribas bought a new stake in shares of Shopify during the 1st quarter worth $177,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Up 1.0 %

Shares of NYSE:SHOP opened at $78.99 on Friday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $91.57. The company’s 50-day moving average price is $77.54 and its two-hundred day moving average price is $69.39. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market cap of $101.93 billion, a P/E ratio of 80.60, a P/E/G ratio of 2.62 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same quarter in the prior year, the firm earned ($0.08) EPS. The company’s revenue was up 20.7% on a year-over-year basis. As a group, research analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SHOP shares. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a report on Tuesday, August 20th. Argus raised shares of Shopify to a “strong-buy” rating in a report on Thursday, August 8th. Barclays upped their price objective on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada upped their target price on shares of Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $81.03.

Shopify Company Profile

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.