Lazari Capital Management Inc. Cuts Holdings in Shopify Inc. (NYSE:SHOP)

Lazari Capital Management Inc. lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,230 shares of the software maker’s stock after selling 217 shares during the quarter. Lazari Capital Management Inc.’s holdings in Shopify were worth $499,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in SHOP. Weaver Capital Management LLC lifted its stake in shares of Shopify by 63.1% in the 3rd quarter. Weaver Capital Management LLC now owns 50,186 shares of the software maker’s stock valued at $4,022,000 after purchasing an additional 19,409 shares in the last quarter. Private Advisor Group LLC lifted its position in Shopify by 0.5% during the third quarter. Private Advisor Group LLC now owns 57,244 shares of the software maker’s stock valued at $4,588,000 after buying an additional 268 shares in the last quarter. Waldron Private Wealth LLC acquired a new position in Shopify during the third quarter valued at approximately $173,000. Eastern Bank purchased a new stake in Shopify during the third quarter worth approximately $143,000. Finally, Xcel Wealth Management LLC increased its position in shares of Shopify by 21.0% in the third quarter. Xcel Wealth Management LLC now owns 7,696 shares of the software maker’s stock worth $617,000 after acquiring an additional 1,338 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Citigroup increased their target price on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Morgan Stanley boosted their price target on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Robert W. Baird increased their price objective on shares of Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Finally, KeyCorp assumed coverage on shares of Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $79.36.

Shopify Price Performance

Shares of NYSE SHOP opened at $81.57 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The firm has a market capitalization of $105.12 billion, a PE ratio of 83.23, a P/E/G ratio of 2.77 and a beta of 2.36. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The business’s fifty day moving average price is $76.78 and its two-hundred day moving average price is $68.92.

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

Shopify 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.