Cresset Asset Management LLC Has $11.05 Million Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Cresset Asset Management LLC reduced its holdings in Shopify Inc. by 26.9%, now owning approximately 115,768 shares worth $11.05 million.
• Shopify reported a net margin of 22.74% and a year-over-year revenue increase of 31.1%, posting earnings of $0.35 per share for the last quarter.
• Institutional investors hold a significant share of Shopify, owning 69.27% of the company's stock, while the average target price for the stock is $148.51 according to analysts.

Cresset Asset Management LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 26.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 115,768 shares of the software maker's stock after selling 42,702 shares during the quarter. Cresset Asset Management LLC's holdings in Shopify were worth $11,054,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Wealthedge Investment Advisors LLC bought a new position in Shopify during the 1st quarter worth $288,000. Nations Financial Group Inc. IA ADV lifted its position in shares of Shopify by 5.7% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 5,239 shares of the software maker's stock valued at $500,000 after acquiring an additional 284 shares during the period. American Century Companies Inc. grew its holdings in shares of Shopify by 31.4% during the 1st quarter. American Century Companies Inc. now owns 1,923,082 shares of the software maker's stock worth $183,347,000 after purchasing an additional 459,523 shares in the last quarter. Tacita Capital Inc increased its position in shares of Shopify by 26.0% in the first quarter. Tacita Capital Inc now owns 5,478 shares of the software maker's stock worth $521,000 after purchasing an additional 1,130 shares during the period. Finally, Azimuth Capital Investment Management LLC raised its stake in Shopify by 11.0% in the first quarter. Azimuth Capital Investment Management LLC now owns 3,090 shares of the software maker's stock valued at $295,000 after purchasing an additional 305 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Trading Down 1.9%

Shopify stock opened at $141.47 on Friday. The business's 50 day simple moving average is $121.52 and its 200 day simple moving average is $109.09. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85. The company has a market cap of $183.54 billion, a price-to-earnings ratio of 91.27, a PEG ratio of 4.82 and a beta of 2.63.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company's revenue was up 31.1% on a year-over-year basis. During the same quarter last year, the company earned $0.26 earnings per share. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SHOP shares. Mizuho increased their price objective on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Stifel Nicolaus upped their price target on shares of Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Morgan Stanley increased their price target on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Cantor Fitzgerald reissued a "neutral" rating and issued a $91.00 price objective on shares of Shopify in a research note on Wednesday, June 11th. Finally, The Goldman Sachs Group upped their target price on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

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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