Beverly Hills Private Wealth LLC Trims Holdings in Shopify Inc. $SHOP

Beverly Hills Private Wealth LLC trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,347 shares of the software maker’s stock after selling 856 shares during the quarter. Beverly Hills Private Wealth LLC’s holdings in Shopify were worth $617,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Mountain Capital Investment Advisors Inc. raised its stake in shares of Shopify by 11.9% in the second quarter. Mountain Capital Investment Advisors Inc. now owns 2,533 shares of the software maker’s stock worth $285,000 after purchasing an additional 270 shares during the last quarter. Salomon & Ludwin LLC raised its position in Shopify by 1,875.0% during the second quarter. Salomon & Ludwin LLC now owns 316 shares of the software maker’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Goldstein Advisors LLC purchased a new position in Shopify during the second quarter valued at approximately $314,000. International Assets Investment Management LLC raised its position in Shopify by 4.8% during the second quarter. International Assets Investment Management LLC now owns 14,682 shares of the software maker’s stock valued at $1,694,000 after acquiring an additional 671 shares in the last quarter. Finally, Woodard & Co. Asset Management Group Inc. ADV raised its position in Shopify by 1.6% during the second quarter. Woodard & Co. Asset Management Group Inc. ADV now owns 7,831 shares of the software maker’s stock valued at $903,000 after acquiring an additional 123 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $164.71 on Tuesday. The business’s 50 day moving average price is $148.34 and its 200-day moving average price is $122.02. The firm has a market capitalization of $214.07 billion, a PE ratio of 92.02, a P/E/G ratio of 7.39 and a beta of 2.72. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69.

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SHOP. National Bankshares lifted their price target on Shopify from $140.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. ATB Capital cut Shopify to a “sector perform” rating in a research report on Thursday, August 7th. BMO Capital Markets lifted their price target on Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. TD Cowen reiterated a “hold” rating and set a $156.00 price target on shares of Shopify in a research report on Friday, October 3rd. Finally, Zacks Research raised Shopify from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and an average price target of $152.76.

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.