Malaga Cove Capital LLC Decreases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Malaga Cove Capital LLC cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 9.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,417 shares of the software maker’s stock after selling 2,515 shares during the quarter. Malaga Cove Capital LLC’s holdings in Shopify were worth $1,877,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group lifted its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the last quarter. Rosenberg Matthew Hamilton lifted its position in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the last quarter. Cultivar Capital Inc. purchased a new position in Shopify during the second quarter worth $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify during the second quarter worth $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Shopify during the second quarter valued at $39,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 3.0 %

NYSE:SHOP opened at $81.92 on Thursday. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $91.57. The company has a market cap of $105.71 billion, a PE ratio of 83.59, a P/E/G ratio of 2.62 and a beta of 2.36. The company’s 50 day moving average is $77.90 and its two-hundred day moving average is $69.61.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share 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 for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company earned ($0.08) earnings per share. The business’s quarterly revenue was up 20.7% compared to the same quarter last year. Analysts anticipate that Shopify Inc. will post 0.76 EPS for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of recent analyst reports. Wedbush reaffirmed a “neutral” rating and set a $72.00 price target (up from $68.00) on shares of Shopify in a research note on Wednesday, August 7th. KeyCorp assumed coverage on Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price for the company. Scotiabank increased their price target on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. Truist Financial decreased their price target on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Tuesday, August 6th. Finally, Robert W. Baird upped their price objective on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $81.03.

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.