Highland Capital Management LLC Trims Stock Position in Shopify Inc. (NYSE:SHOP)

Highland Capital Management LLC lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,430 shares of the software maker’s stock after selling 150 shares during the quarter. Highland Capital Management LLC’s holdings in Shopify were worth $1,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. GQG Partners LLC boosted its position in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after acquiring an additional 13,885,473 shares in the last quarter. Capital World Investors boosted its position in shares of Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the period. Mackenzie Financial Corp grew its stake in Shopify by 49.9% in the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock worth $417,386,000 after purchasing an additional 2,102,939 shares during the period. Finally, Toronto Dominion Bank raised its holdings in Shopify by 214.5% in the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after purchasing an additional 1,983,996 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Truist Financial lowered their price target on shares of Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Scotiabank boosted their price target on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday. Robert W. Baird lifted their price objective on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 target price on shares of Shopify in a report on Monday, October 7th. Finally, Citigroup raised their price target on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.21.

Shopify Stock Performance

NYSE:SHOP opened at $79.05 on Friday. The company has a market cap of $101.87 billion, a price-to-earnings ratio of -465.00, a PEG ratio of 2.73 and a beta of 2.36. The stock’s 50 day simple moving average is $77.13 and its two-hundred day simple moving average is $69.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter last year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. As a group, equities analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

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.