Calamos Wealth Management LLC Has $438,000 Stake in Shopify Inc. $SHOP

Key Points

• Calamos Wealth Management LLC significantly reduced its stake in Shopify Inc. by 85% during the second quarter, bringing its holdings to $438,000.
• Several hedge funds have made notable changes to their investments in Shopify, with Salomon & Ludwin LLC increasing its position by 1,875%.
• Wall Street analysts have boosted their target prices for Shopify, with BMO Capital Markets raising its target from $120 to $180 and a consensus rating of "Moderate Buy" for the stock.

Calamos Wealth Management LLC trimmed its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 85.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,793 shares of the software maker's stock after selling 21,411 shares during the quarter. Calamos Wealth Management LLC's holdings in Shopify were worth $438,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC lifted its holdings in shares of Shopify by 1,875.0% during the second quarter. Salomon & Ludwin LLC now owns 316 shares of the software maker's stock worth $36,000 after purchasing an additional 300 shares during the period. Goldstein Advisors LLC bought a new stake in shares of Shopify during the second quarter worth about $314,000. International Assets Investment Management LLC increased its position in shares of Shopify by 4.8% during the second quarter. International Assets Investment Management LLC now owns 14,682 shares of the software maker's stock worth $1,694,000 after acquiring an additional 671 shares in the last quarter. Woodard & Co. Asset Management Group Inc. ADV increased its position in shares of 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 worth $903,000 after acquiring an additional 123 shares in the last quarter. Finally, Koshinski Asset Management Inc. increased its position in shares of Shopify by 14.8% during the second quarter. Koshinski Asset Management Inc. now owns 2,600 shares of the software maker's stock worth $300,000 after acquiring an additional 335 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. BMO Capital Markets boosted their target price on shares of Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Truist Financial upped their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Arete reaffirmed a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. National Bankshares increased their target price on shares of Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group increased their target price on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. One 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $152.76.

Shopify Price Performance

NASDAQ SHOP opened at $157.76 on Monday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $169.69. The stock has a market capitalization of $205.03 billion, a PE ratio of 88.13, a P/E/G ratio of 7.39 and a beta of 2.72. The company's 50 day simple moving average is $148.00 and its two-hundred day simple moving average is $121.40.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. During the same period in the prior year, the company posted $0.26 EPS. The business's revenue for the quarter was up 31.1% compared to the same quarter last year. On average, research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Profile

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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