Alliance Wealth Advisors LLC UT Trims Stake in Shopify Inc. (NYSE:SHOP)

Key Points

• Alliance Wealth Advisors LLC UT has reduced its stake in Shopify Inc. by 7.1%, owning 47,243 shares after selling 3,624 shares, representing approximately 1.2% of its total holdings.
• Multiple hedge funds have increased their investments in Shopify, with Jennison Associates LLC boosting its shares by 324.3%, and Nuveen LLC purchasing a new position worth $667 million.
• Shopify recently reported strong quarterly earnings with a net revenue of $2.68 billion, surpassing expectations and showing a year-over-year growth of 31.1%.

Alliance Wealth Advisors LLC UT trimmed its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,243 shares of the software maker's stock after selling 3,624 shares during the period. Shopify accounts for approximately 1.2% of Alliance Wealth Advisors LLC UT's holdings, making the stock its 14th largest position. Alliance Wealth Advisors LLC UT's holdings in Shopify were worth $4,511,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Nuveen LLC bought a new position in Shopify in the 1st quarter worth $667,392,000. Jennison Associates LLC boosted its holdings in Shopify by 324.3% in the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after buying an additional 4,036,326 shares during the period. Durable Capital Partners LP boosted its holdings in Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after buying an additional 1,836,294 shares during the period. Mackenzie Financial Corp boosted its holdings in Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after buying an additional 1,426,406 shares during the period. Finally, Voloridge Investment Management LLC bought a new position in Shopify in the 4th quarter worth $125,334,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on SHOP shares. Evercore ISI increased their price objective on shares of Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Canaccord Genuity Group increased their price objective on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Robert W. Baird increased their price objective on shares of Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Oppenheimer increased their price objective on shares of Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, nineteen have given a hold rating and twenty-four have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.51.

Shopify Stock Performance

NYSE SHOP opened at $141.47 on Friday. The firm's 50 day moving average price is $121.52 and its 200-day moving average price is $109.14. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The company has a market cap of $183.54 billion, a PE ratio of 91.27, a P/E/G ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (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 firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the firm earned $0.26 earnings per share. The company's quarterly revenue was up 31.1% on a year-over-year basis. On average, analysts forecast 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.

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