Wealth Effects LLC Trims Stock Position in Shopify Inc. $SHOP

Wealth Effects LLC trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 11.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,925 shares of the software maker’s stock after selling 250 shares during the period. Wealth Effects LLC’s holdings in Shopify were worth $222,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Hummer Financial Advisory Services Inc grew its holdings in Shopify by 3.8% during the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after acquiring an additional 95 shares during the period. Salem Investment Counselors Inc. boosted its position in Shopify by 16.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock worth $81,000 after purchasing an additional 100 shares in the last quarter. Quadcap Wealth Management LLC grew its stake in shares of Shopify by 0.9% during the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock worth $1,063,000 after purchasing an additional 103 shares during the period. Centurion Wealth Management LLC increased its holdings in shares of Shopify by 1.7% during the 2nd quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker’s stock valued at $731,000 after purchasing an additional 103 shares in the last quarter. Finally, Fullcircle Wealth LLC increased its holdings in shares of Shopify by 2.7% during the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker’s stock valued at $418,000 after purchasing an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NASDAQ:SHOP opened at $148.83 on Thursday. The company’s 50-day moving average is $139.40 and its two-hundred day moving average is $114.47. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $159.01. The firm has a market capitalization of $193.43 billion, a price-to-earnings ratio of 83.15, a PEG ratio of 7.10 and a beta of 2.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm’s quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 earnings per share. As a group, equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

SHOP has been the topic of several analyst reports. UBS Group raised their price target on shares of Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Wells Fargo & Company increased their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Barclays lifted their price target on Shopify from $94.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, August 7th. Needham & Company LLC initiated coverage on Shopify in a research report on Monday, July 14th. They set a “buy” rating and a $135.00 price target on the stock. Finally, BMO Capital Markets raised their price objective on Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $151.69.

Shopify Company 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.