Shopify Inc. $SHOP Shares Sold by Circle Wealth Management LLC

Circle Wealth Management LLC cut its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,700 shares of the software maker’s stock after selling 3,421 shares during the quarter. Circle Wealth Management LLC’s holdings in Shopify were worth $2,740,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Fourth Dimension Wealth LLC acquired a new position in Shopify during the fourth quarter worth about $30,000. Smithfield Trust Co boosted its stake in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. purchased a new stake in shares of Shopify during the 1st quarter worth approximately $30,000. Cary Street Partners Investment Advisory LLC grew its holdings in shares of Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker’s stock worth $34,000 after acquiring an additional 165 shares during the period. Finally, Accent Capital Management LLC purchased a new position in Shopify in the 1st quarter valued at approximately $46,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SHOP. Wedbush boosted their target price on Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. DA Davidson boosted their price objective on shares of Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Stifel Nicolaus increased their price objective on shares of Shopify from $110.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Robert W. Baird upped their price target on shares of Shopify from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Monday, July 14th. Finally, Benchmark reissued a “buy” rating and set a $140.00 price objective (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Twenty-four research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $148.51.

Shopify Stock Down 0.4%

SHOP stock opened at $136.68 on Friday. The stock’s fifty day simple moving average is $123.82 and its 200-day simple moving average is $109.76. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The stock has a market capitalization 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) (TSE:SHOP) last posted 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. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the prior year, the company posted $0.26 EPS. The company’s quarterly revenue was up 31.1% compared to the same quarter last year. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.