Gulf International Bank UK Ltd Sells 4,109 Shares of Shopify Inc. (NYSE:SHOP)

Gulf International Bank UK Ltd cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 53.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,533 shares of the software maker’s stock after selling 4,109 shares during the period. Gulf International Bank UK Ltd’s holdings in Shopify were worth $283,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of SHOP. Moloney Securities Asset Management LLC grew its stake in Shopify by 1.0% in the third quarter. Moloney Securities Asset Management LLC now owns 43,100 shares of the software maker’s stock valued at $3,454,000 after purchasing an additional 430 shares during the last quarter. Quintet Private Bank Europe S.A. grew its position in shares of Shopify by 12.5% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 2,200 shares of the software maker’s stock worth $176,000 after buying an additional 245 shares during the last quarter. World Equity Group Inc. bought a new position in shares of Shopify during the 3rd quarter worth approximately $351,000. QRG Capital Management Inc. purchased a new stake in Shopify during the third quarter valued at approximately $227,000. Finally, Asset Management One Co. Ltd. boosted its stake in Shopify by 61.7% in the third quarter. Asset Management One Co. Ltd. now owns 99,620 shares of the software maker’s stock valued at $7,984,000 after acquiring an additional 37,996 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on SHOP. Citigroup increased their price objective on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Barclays boosted their price target on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Benchmark reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Royal Bank of Canada lifted their target price on shares of Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Piper Sandler restated a “neutral” rating and set a $67.00 price target on shares of Shopify in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.03.

Shopify Stock Up 1.8 %

NYSE SHOP opened at $87.12 on Friday. The business has a fifty day moving average price of $78.41 and a 200 day moving average price of $69.83. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The company has a market cap of $112.42 billion, a P/E ratio of 88.90, a P/E/G ratio of 2.74 and a beta of 2.36. Shopify Inc. has a one year low of $48.56 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $2.01 billion. During the same period last year, the firm posted ($0.08) earnings per share. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. Research analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Shopify Company 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.