Traynor Capital Management Inc. Sells 148 Shares of Shopify Inc. (NYSE:SHOP)

Traynor Capital Management Inc. lowered its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.1% in the fourth quarter, Holdings Channel reports. The fund owned 6,906 shares of the software maker’s stock after selling 148 shares during the quarter. Traynor Capital Management Inc.’s holdings in Shopify were worth $538,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Shopify by 1.6% during the third quarter. Vanguard Group Inc. now owns 40,926,224 shares of the software maker’s stock worth $2,233,344,000 after purchasing an additional 634,883 shares during the last quarter. Norges Bank bought a new stake in Shopify during the 4th quarter worth approximately $414,365,000. Scge Management L.P. increased its position in Shopify by 0.9% in the 2nd quarter. Scge Management L.P. now owns 8,486,491 shares of the software maker’s stock valued at $548,227,000 after acquiring an additional 79,491 shares during the period. TD Asset Management Inc raised its stake in shares of Shopify by 4.4% during the third quarter. TD Asset Management Inc now owns 7,104,095 shares of the software maker’s stock valued at $389,052,000 after acquiring an additional 299,788 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Shopify by 6.5% during the third quarter. Legal & General Group Plc now owns 6,196,285 shares of the software maker’s stock worth $339,750,000 after purchasing an additional 377,901 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SHOP. TD Securities increased their price objective on Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a report on Wednesday, December 6th. UBS Group increased their price objective on Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price objective on shares of Shopify in a report on Wednesday, February 14th. Jefferies Financial Group increased their price objective on Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a report on Friday, January 5th. Finally, StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a report on Saturday, January 27th. Three research analysts have rated the stock with a sell rating, twenty have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has an average rating of “Hold” and an average target price of $76.42.

Shopify Price Performance

Shares of SHOP stock traded down $1.45 on Friday, reaching $77.17. The company’s stock had a trading volume of 4,260,950 shares, compared to its average volume of 6,829,506. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The stock’s fifty day simple moving average is $79.33 and its 200-day simple moving average is $70.04. The company has a market capitalization of $99.28 billion, a price-to-earnings ratio of 857.54 and a beta of 2.22. Shopify Inc. has a 1 year low of $43.50 and a 1 year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%. Analysts forecast that Shopify Inc. will post 0.57 earnings per share for the current fiscal 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.