Torch Wealth Management LLC trimmed its holdings in shares of Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 7.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,935 shares of the software maker’s stock after selling 225 shares during the period. Torch Wealth Management LLC’s holdings in Shopify were worth $881,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of SHOP. Benedict Financial Advisors Inc. bought a new position in Shopify during the second quarter valued at about $224,000. Sigma Planning Corp boosted its position in shares of Shopify by 19.3% in the 2nd quarter. Sigma Planning Corp now owns 3,674 shares of the software maker’s stock valued at $1,103,000 after purchasing an additional 594 shares during the period. Stephens Investment Management Group LLC boosted its position in shares of Shopify by 0.9% in the 2nd quarter. Stephens Investment Management Group LLC now owns 169,983 shares of the software maker’s stock valued at $51,020,000 after purchasing an additional 1,438 shares during the period. Lyell Wealth Management LP boosted its position in shares of Shopify by 3.9% in the 2nd quarter. Lyell Wealth Management LP now owns 14,473 shares of the software maker’s stock valued at $4,344,000 after purchasing an additional 548 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Shopify in the 2nd quarter valued at $2,164,000. 65.72% of the stock is currently owned by institutional investors.

NYSE SHOP traded down $1.15 during trading on Thursday, reaching $351.65. 56,228 shares of the company’s stock were exchanged, compared to its average volume of 2,034,643. Shopify Inc has a fifty-two week low of $117.64 and a fifty-two week high of $372.36. The company has a market capitalization of $40.91 billion, a price-to-earnings ratio of -573.87 and a beta of 1.30. The company has a quick ratio of 11.44, a current ratio of 11.44 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average price of $326.99.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.45. Shopify had a negative return on equity of 3.85% and a negative net margin of 5.98%. The company had revenue of $361.98 million during the quarter, compared to the consensus estimate of $350.59 million. During the same period last year, the business earned $0.02 EPS. The business’s quarterly revenue was up 47.8% on a year-over-year basis. As a group, sell-side analysts expect that Shopify Inc will post -0.79 earnings per share for the current fiscal year.

SHOP has been the subject of a number of recent analyst reports. Barclays increased their price target on Shopify from $225.00 to $310.00 and gave the company an “equal weight” rating in a research report on Friday, June 21st. CIBC lowered Shopify from an “outperform” rating to a “neutral” rating and increased their price target for the company from $260.00 to $350.00 in a research report on Thursday, June 20th. They noted that the move was a valuation call. Raymond James increased their price target on Shopify from $270.00 to $365.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Bank of America increased their price target on Shopify from $185.00 to $300.00 and gave the company an “underperform” rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group increased their price target on Shopify from $250.00 to $300.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have assigned a buy rating to the stock. Shopify currently has a consensus rating of “Hold” and an average target price of $327.00.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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