WealthCare Asset Management LLC cut its stake in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 31.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,358 shares of the software maker’s stock after selling 5,686 shares during the period. Shopify makes up 1.6% of WealthCare Asset Management LLC’s investment portfolio, making the stock its 18th biggest holding. WealthCare Asset Management LLC’s holdings in Shopify were worth $1,833,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in SHOP. Swiss National Bank grew its stake in shares of Shopify by 27.0% in the 1st quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock valued at $487,580,000 after purchasing an additional 876,100 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Shopify by 8.5% in the first quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock valued at $998,137,000 after purchasing an additional 660,198 shares during the period. Bank of Nova Scotia raised its stake in shares of Shopify by 24.2% during the first quarter. Bank of Nova Scotia now owns 3,196,004 shares of the software maker’s stock worth $379,111,000 after purchasing an additional 621,893 shares during the last quarter. Nykredit A S purchased a new stake in shares of Shopify during the second quarter worth approximately $41,959,000. Finally, HB Wealth Management LLC raised its stake in shares of Shopify by 2,377.7% during the second quarter. HB Wealth Management LLC now owns 282,009 shares of the software maker’s stock worth $32,200,000 after purchasing an additional 270,627 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on SHOP. RBC Dominion Securities set a $200.00 price target on Shopify and gave the stock an “outperform” rating in a report on Friday. Phillip Securities cut shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, August 17th. Benchmark upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. BMO Capital Markets set a $165.00 price objective on shares of Shopify and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Finally, Piper Sandler restated an “overweight” rating on shares of Shopify in a research note on Monday, October 5th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-seven have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $177.28.
Read Our Latest Stock Report on Shopify
Shopify Stock Down 0.3%
SHOP stock opened at $168.18 on Tuesday. The company has a market cap of $216.39 billion, a P/E ratio of 113.64, a P/E/G ratio of 3.48 and a beta of 2.62. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The company’s 50-day moving average price is $151.11 and its 200 day moving average price is $130.31. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 0.01.
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last issued its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The company had revenue of $3.58 billion for the quarter. During the same quarter in the previous year, the company posted $0.69 earnings per share. The company’s quarterly revenue was up 33.7% compared to the same quarter last year. On average, research analysts expect that Shopify Inc. will post 1.46 earnings per share for the current fiscal year.
Shopify Profile
Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.
The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants’ own websites, mobile devices, social media and third-party marketplaces.
Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.
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