Guardian Partners Inc. Trims Stake in Shopify Inc. $SHOP

Key Points

• Guardian Partners Inc. has reduced its position in Shopify Inc. by 13.3%, selling 2,075 shares to own a total of 13,550 shares worth approximately $1.19 million.
• Wall Street analysts are optimistic about Shopify with 24 analysts rating it as a Buy, a consensus rating of "Moderate Buy," and an average target price of $150.27.
• Shopify reported earnings of $0.35 per share for the last quarter, surpassing estimates, and has a year-over-year revenue increase of 31.1%.

Guardian Partners Inc. lowered its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 13.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 13,550 shares of the software maker's stock after selling 2,075 shares during the period. Guardian Partners Inc.'s holdings in Shopify were worth $1,189,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify during the 4th quarter valued at about $30,000. Smithfield Trust Co boosted its stake in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. bought a new stake in shares of Shopify during the 1st quarter valued at about $30,000. Cary Street Partners Investment Advisory LLC boosted its stake in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC bought a new stake in shares of Shopify during the 1st quarter valued at about $46,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of SHOP traded down $1.65 during mid-day trading on Friday, hitting $143.38. 4,910,276 shares of the company traded hands, compared to its average volume of 5,435,396. The stock has a 50-day moving average price of $133.77 and a two-hundred day moving average price of $112.03. The stock has a market cap of $186.35 billion, a price-to-earnings ratio of 80.10, a P/E/G ratio of 6.87 and a beta of 2.69. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $156.85.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.26 earnings per share. On average, analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SHOP shares. Royal Bank Of Canada lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Wells Fargo & Company lifted their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Mizuho lifted their target price on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. UBS Group lifted their target price on shares of Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, TD Securities lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $150.27.

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.