ICONIQ Capital LLC Sells 2,203,350 Shares of Shopify Inc. $SHOP

ICONIQ Capital LLC trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 89.7% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 252,702 shares of the software maker’s stock after selling 2,203,350 shares during the period. Shopify makes up 0.9% of ICONIQ Capital LLC’s portfolio, making the stock its 13th biggest holding. ICONIQ Capital LLC’s holdings in Shopify were worth $28,854,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the company. M&T Bank Corp increased its holdings in Shopify by 37.1% in the fourth quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock valued at $13,051,000 after purchasing an additional 21,945 shares during the period. Triasima Portfolio Management inc. grew its position in shares of Shopify by 11.0% in the 4th quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock valued at $29,398,000 after buying an additional 18,028 shares during the last quarter. Norris Financial Group LLC acquired a new stake in shares of Shopify in the first quarter valued at about $1,586,000. Infusive Asset Management Inc. increased its stake in shares of Shopify by 27.4% in the first quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker’s stock valued at $5,173,000 after buying an additional 9,374 shares during the period. Finally, OMERS ADMINISTRATION Corp lifted its stake in shares of Shopify by 18.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker’s stock worth $6,876,000 after acquiring an additional 9,096 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $152.90 on Monday. The stock has a market cap of $196.73 billion, a price-to-earnings ratio of 103.31, a PEG ratio of 3.12 and a beta of 2.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The firm’s 50-day simple moving average is $130.97 and its 200 day simple moving average is $121.79.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The firm had revenue of $3.58 billion during the quarter. During the same period last year, the company earned $0.69 earnings per share. The business’s revenue for the quarter was up 33.7% compared to the same quarter last year. As a group, research analysts anticipate that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Truist Financial set a $180.00 price target on shares of Shopify and gave the stock a “buy” rating in a report on Wednesday, August 5th. Rothschild & Co Redburn set a $130.00 target price on shares of Shopify and gave the stock a “neutral” rating in a research note on Tuesday, July 21st. Susquehanna initiated coverage on shares of Shopify in a research report on Friday, July 10th. They set a “neutral” rating on the stock. Morgan Stanley cut Shopify from an “overweight” rating to a “buy” rating in a research note on Monday, July 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $180.00 price target on shares of Shopify in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $170.84.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.