Capital Asset Advisory Services LLC Decreases Stock Holdings in Shopify Inc. $SHOP

Key Points

• Capital Asset Advisory Services LLC has reduced its stake in Shopify Inc. by 30.2%, owning 4,536 shares valued at approximately $511,000 after selling 1,961 shares in the second quarter.
• Analysts have increased their price targets for Shopify, with Bank of America raising its target from $110.00 to $185.00, reflecting a strong "buy" rating from multiple firms.
• Shopify's latest earnings report revealed a 31.1% increase in revenue year-over-year, with earnings per share of $0.35 exceeding estimates.

Capital Asset Advisory Services LLC reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 30.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,536 shares of the software maker's stock after selling 1,961 shares during the quarter. Capital Asset Advisory Services LLC's holdings in Shopify were worth $511,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SHOP. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter worth $30,000. Smithfield Trust Co lifted 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 purchasing an additional 188 shares during the last quarter. Dagco Inc. purchased a new stake in shares of Shopify during the 1st quarter worth $30,000. Global Wealth Strategies & Associates lifted its stake in shares of Shopify by 182.8% during the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its stake in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after purchasing an additional 165 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Bank of America increased their price target on Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. BMO Capital Markets increased their price target on Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Royal Bank Of Canada increased their price target on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Oppenheimer increased their price target on Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, TD Securities increased their price target on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $150.27.

Shopify Stock Performance

Shares of SHOP stock opened at $143.38 on Monday. The stock's 50-day simple moving average is $133.77 and its 200-day simple moving average is $112.04. The firm has a market capitalization of $186.35 billion, a PE ratio of 80.10, a P/E/G ratio of 6.79 and a beta of 2.69. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $156.85.

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