Copperwynd Financial LLC Lowers Position in Shopify Inc. $SHOP

Copperwynd Financial LLC lessened its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 24.2% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,417 shares of the software maker's stock after selling 3,330 shares during the period. Copperwynd Financial LLC's holdings in Shopify were worth $1,202,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its position in Shopify by 171.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker's stock valued at $48,827,000 after purchasing an additional 267,271 shares during the last quarter. Worth Asset Management LLC bought a new stake in Shopify during the second quarter valued at approximately $236,000. Avior Wealth Management LLC lifted its position in Shopify by 32.6% during the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock valued at $1,570,000 after purchasing an additional 3,347 shares during the last quarter. 111 Capital bought a new stake in Shopify during the second quarter valued at approximately $1,719,000. Finally, Integrity Alliance LLC. bought a new position in Shopify in the first quarter valued at $211,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Up 3.2%

NASDAQ SHOP opened at $166.43 on Thursday. The company has a 50-day simple moving average of $145.13 and a two-hundred day simple moving average of $118.40. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69. The firm has a market cap of $216.30 billion, a price-to-earnings ratio of 92.98, a PEG ratio of 7.55 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the business posted $0.26 earnings per share. The company's revenue was up 31.1% on a year-over-year basis. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. DA Davidson increased their target price on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Canaccord Genuity Group increased their target price on Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Needham & Company LLC assumed coverage on Shopify in a research note on Monday, July 14th. They issued a "buy" rating and a $135.00 target price on the stock. Truist Financial increased their target price on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $151.95.

Shopify Company 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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