Logan Capital Management Inc. Sells 7,449 Shares of Shopify Inc. (NYSE:SHOP)

Logan Capital Management Inc. reduced its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 17.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,330 shares of the software maker's stock after selling 7,449 shares during the period. Logan Capital Management Inc.'s holdings in Shopify were worth $3,650,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. LRI Investments LLC lifted its stake in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after purchasing an additional 79 shares during the last quarter. J. Goldman & Co LP bought a new position in shares of Shopify in the fourth quarter valued at $2,402,000. Guardian Wealth Advisors LLC NC lifted its position in shares of Shopify by 25.1% during the 4th quarter. Guardian Wealth Advisors LLC NC now owns 4,899 shares of the software maker's stock valued at $521,000 after acquiring an additional 984 shares during the last quarter. Focus Partners Wealth boosted its stake in shares of Shopify by 55.6% during the 4th quarter. Focus Partners Wealth now owns 268,814 shares of the software maker's stock worth $28,610,000 after acquiring an additional 96,033 shares in the last quarter. Finally, Full Sail Capital LLC bought a new stake in shares of Shopify during the 4th quarter worth $252,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Atb Cap Markets raised Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. DA Davidson dropped their target price on shares of Shopify from $150.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Oppenheimer cut their price target on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $115.37.

Shopify Trading Up 0.5%

SHOP traded up $0.54 during trading on Friday, hitting $110.75. The stock had a trading volume of 96,037,521 shares, compared to its average volume of 9,570,199. The firm has a market cap of $143.40 billion, a PE ratio of 71.45, a P/E/G ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a 50 day simple moving average of $93.94 and a 200-day simple moving average of $103.52.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.12 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.