Xcel Wealth Management LLC Sells 1,233 Shares of Shopify Inc. $SHOP

Xcel Wealth Management LLC trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 19.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,131 shares of the software maker’s stock after selling 1,233 shares during the quarter. Xcel Wealth Management LLC’s holdings in Shopify were worth $592,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in SHOP. Beacon Investment Advisory Services Inc. bought a new position in shares of Shopify in the second quarter worth approximately $271,000. Harrell Investment Partners LLC purchased a new position in shares of Shopify during the 2nd quarter valued at $1,623,000. Regatta Capital Group LLC lifted its stake in shares of Shopify by 13.1% during the 2nd quarter. Regatta Capital Group LLC now owns 5,422 shares of the software maker’s stock valued at $625,000 after buying an additional 630 shares in the last quarter. James J. Burns & Company LLC bought a new position in Shopify in the 2nd quarter worth $202,000. Finally, Ballentine Partners LLC increased its stake in Shopify by 229.5% in the 2nd quarter. Ballentine Partners LLC now owns 14,661 shares of the software maker’s stock worth $1,691,000 after buying an additional 10,211 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP opened at $148.83 on Thursday. The stock has a market capitalization of $193.43 billion, a price-to-earnings ratio of 83.15, a price-to-earnings-growth ratio of 7.10 and a beta of 2.69. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $159.01. The business’s 50 day simple moving average is $139.40 and its 200-day simple moving average is $114.47.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the firm posted $0.26 earnings per share. Shopify’s revenue for the quarter was up 31.1% compared to the same quarter last year. On average, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SHOP shares. ATB Capital downgraded Shopify to a “sector perform” rating in a research report on Thursday, August 7th. Evercore ISI lifted their target price on Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Benchmark reissued a “buy” rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a report on Tuesday, August 5th. National Bankshares increased their price objective on shares of Shopify from $140.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Finally, Citigroup lifted their price objective on shares of Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Twenty-three 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 company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $151.69.

About Shopify

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.