Shopify Inc. (NYSE:SHOP) Shares Sold by Cigna Investments Inc. New

by · The Markets Daily

Cigna Investments Inc. New reduced its stake in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 1.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,516 shares of the software maker’s stock after selling 316 shares during the quarter. Cigna Investments Inc. New’s holdings in Shopify were worth $1,806,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Oliver Lagore Vanvalin Investment Group increased its stake in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new position in Shopify in the second quarter valued at about $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify during the second quarter valued at about $33,000. Rosenberg Matthew Hamilton increased its position in shares of Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Shopify in the 2nd quarter valued at approximately $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE SHOP opened at $78.20 on Friday. The firm has a market cap of $100.91 billion, a P/E ratio of 79.80, a P/E/G ratio of 2.68 and a beta of 2.36. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57. The business’s 50-day moving average price is $77.49 and its 200 day moving average price is $69.31. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last announced its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company 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 business posted ($0.08) EPS. The company’s revenue was up 20.7% on a year-over-year basis. On average, equities research analysts expect that Shopify Inc. will post 0.76 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on SHOP shares. Argus raised Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. Benchmark reissued a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Robert W. Baird lifted their target price on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Wolfe Research initiated coverage on shares of Shopify in a research report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price target on the stock. Finally, Roth Mkm raised their price objective on shares of Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. One investment 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.21.

Check Out Our Latest Research Report on SHOP

Shopify Profile

(Free Report)

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.

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