Circle Wealth Management LLC reduced its stake in Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 10.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,700 shares of the software maker’s stock after selling 3,421 shares during the period. Circle Wealth Management LLC’s holdings in Shopify were worth $2,740,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in SHOP. Compound Planning Inc. boosted its position in shares of Shopify by 14.5% in the first quarter. Compound Planning Inc. now owns 24,277 shares of the software maker’s stock worth $2,318,000 after buying an additional 3,066 shares during the period. CW Advisors LLC lifted its position in Shopify by 5.7% during the 1st quarter. CW Advisors LLC now owns 133,645 shares of the software maker’s stock worth $12,792,000 after acquiring an additional 7,167 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in Shopify by 105.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 6,750 shares of the software maker’s stock worth $644,000 after acquiring an additional 3,461 shares in the last quarter. Tradition Wealth Management LLC boosted its holdings in Shopify by 15.4% in the 1st quarter. Tradition Wealth Management LLC now owns 3,678 shares of the software maker’s stock worth $351,000 after acquiring an additional 492 shares during the period. Finally, Erste Asset Management GmbH grew its position in Shopify by 295.3% in the first quarter. Erste Asset Management GmbH now owns 217,436 shares of the software maker’s stock valued at $20,965,000 after acquiring an additional 162,436 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on SHOP shares. JMP Securities lifted their price target on shares of Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 7th. Arete Research upgraded Shopify to a “hold” rating in a research note on Wednesday, July 23rd. Barclays boosted their price target on Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 7th. Canaccord Genuity Group raised their price objective on Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, Robert W. Baird increased their target price on Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Monday, July 14th. Twenty-four analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $148.51.
Shopify Stock Down 0.4%
SHOP opened at $136.68 on Friday. The company’s 50-day moving average price is $123.82 and its 200 day moving average price is $109.76. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The firm has a market cap of $177.64 billion, a price-to-earnings ratio of 88.18, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%.The firm’s revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.26 EPS. Research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current 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.
Featured Articles
- Five stocks we like better than Shopify
- Options Trading – Understanding Strike Price
- Intel’s New Buyers Mean Good News for Taiwan Semiconductor Stock
- Growth Stocks: What They Are, Examples and How to Invest
- Shopify’s Risk-Reward Profile Is Suddenly Red Hot
- What Are Earnings Reports?
- 3 Robotics Stocks at the Heart of the Robotics Revolution
Want to see what other hedge funds are holding SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP).
Receive News & Ratings for Shopify Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify and related companies with MarketBeat.com's FREE daily email newsletter.