Atria Wealth Solutions Inc. Trims Position in Shopify Inc. $SHOP

Atria Wealth Solutions Inc. trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 54.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 21,394 shares of the software maker’s stock after selling 26,047 shares during the period. Atria Wealth Solutions Inc.’s holdings in Shopify were worth $2,472,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SHOP. Brighton Jones LLC raised its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after buying an additional 584 shares during the last quarter. GAMMA Investing LLC raised its holdings in Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after purchasing an additional 428 shares in the last quarter. CX Institutional purchased a new position in Shopify during the first quarter worth about $118,000. Elevation Point Wealth Partners LLC raised its holdings in Shopify by 8.8% during the first quarter. Elevation Point Wealth Partners LLC now owns 2,942 shares of the software maker’s stock worth $281,000 after purchasing an additional 239 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Shopify by 0.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 154,273 shares of the software maker’s stock worth $14,730,000 after purchasing an additional 799 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SHOP. Needham & Company LLC began coverage on shares of Shopify in a report on Monday, July 14th. They set a “buy” rating and a $135.00 price target for the company. The Goldman Sachs Group increased their price target on shares of Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Oppenheimer reissued an “outperform” rating and set a $149.00 price target on shares of Shopify in a report on Tuesday, September 30th. KeyCorp reissued an “overweight” rating and set a $175.00 price target (up from $145.00) on shares of Shopify in a report on Thursday, August 7th. Finally, DA Davidson increased their target price on shares of Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $151.95.

Shopify Trading Down 0.5%

Shares of Shopify stock opened at $152.88 on Wednesday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69. The stock has a market cap of $198.69 billion, a PE ratio of 85.41, a price-to-earnings-growth ratio of 7.19 and a beta of 2.72. The company has a 50-day moving average of $147.70 and a two-hundred day moving average of $119.91.

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