Corient Private Wealth LP Has $12.54 Million Holdings in Shopify Inc. $SHOP

Key Points

• Corient Private Wealth reduced its Shopify position by 16.5% in the second quarter, selling 21,734 shares and retaining 109,836 shares valued at approximately $12.54 million.
• Institutional investors and hedge funds own 69.27% of Shopify’s stock, while several firms recently initiated new positions in the company.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and earnings per share of $0.42, beating estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $171.34.

Corient Private Wealth LP lessened its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 16.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 109,836 shares of the software maker's stock after selling 21,734 shares during the quarter. Corient Private Wealth LP's holdings in Shopify were worth $12,541,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kingdom Financial Group LLC. bought a new position in shares of Shopify in the fourth quarter worth about $26,000. Curio Wealth LLC bought a new stake in Shopify during the 4th quarter valued at approximately $27,000. Lloyd Advisory Services LLC. acquired a new stake in Shopify in the 4th quarter valued at approximately $31,000. Modus Advisors LLC acquired a new stake in Shopify in the 4th quarter valued at approximately $34,000. Finally, Graney & King LLC bought a new position in Shopify in the 1st quarter worth approximately $27,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

NASDAQ:SHOP opened at $129.86 on Wednesday. The company has a 50-day moving average of $136.09 and a 200-day moving average of $123.37. The company has a market capitalization of $167.08 billion, a price-to-earnings ratio of 87.74, a PEG ratio of 2.73 and a beta of 2.61. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.58 billion for the quarter. During the same period in the previous year, the firm earned $0.69 EPS. The business's revenue was up 33.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Shopify Inc. will post 1.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Rosenblatt Securities initiated coverage on Shopify in a research report on Thursday, August 20th. They issued a "buy" rating and a $175.00 price objective for the company. Truist Financial set a $180.00 price target on shares of Shopify and gave the stock a "buy" rating in a research report on Wednesday, August 5th. UBS Group restated a "neutral" rating and set a $145.00 price objective (up from $130.00) on shares of Shopify in a report on Thursday, August 6th. Sanford C. Bernstein began coverage on shares of Shopify in a research report on Thursday, September 10th. They set an "outperform" rating and a $160.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Shopify from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $171.34.

Shopify Profile

Shopify Inc NASDAQ: SHOP is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow retail operations. Its platform enables merchants to create and manage online stores, sell through social media and other digital channels, and support in-person sales through Shopify's point-of-sale solutions.

Shopify's products and services include online storefront and website-building tools, payment processing through Shopify Payments, point-of-sale hardware and software, inventory and order management, shipping and fulfillment tools, marketing features, analytics, and financing services for eligible merchants.

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