Diligent Investors LLC Sells 2,078 Shares of Shopify Inc. $SHOP

Key Points

• Diligent Investors LLC has reduced its stake in Shopify Inc. by 42.3%, selling 2,078 shares during the second quarter, resulting in holdings worth $327,000.
• Several institutional investors increased their positions in Shopify, with Mirae Asset Global Investments boosting its stake by 171.3% to over 423,000 shares.
• Shopify reported $2.68 billion in revenue for the last quarter, exceeding analyst expectations, with an earnings per share of $0.35, up from $0.26 in the same quarter last year.

Diligent Investors LLC cut its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 42.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,833 shares of the software maker's stock after selling 2,078 shares during the quarter. Diligent Investors LLC's holdings in Shopify were worth $327,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker's stock worth $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Worth Asset Management LLC bought a new stake in shares of Shopify during the 2nd quarter worth about $236,000. Avior Wealth Management LLC raised its holdings in Shopify by 32.6% in the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock valued at $1,570,000 after acquiring an additional 3,347 shares during the period. Integrity Alliance LLC. acquired a new stake in Shopify during the first quarter worth approximately $211,000. Finally, Jacobs & Co. CA bought a new stake in shares of Shopify during the second quarter worth approximately $285,000. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

SHOP opened at $161.14 on Friday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $162.60. The company's 50 day moving average price is $142.78 and its two-hundred day moving average price is $117.23. The firm has a market capitalization of $209.43 billion, a price-to-earnings ratio of 90.02, a PEG ratio of 7.64 and a beta of 2.72.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Loop Capital lowered Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a research note on Tuesday, July 22nd. Atb Cap Markets cut Shopify from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group lifted their target price on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Needham & Company LLC initiated coverage on shares of Shopify in a research note on Monday, July 14th. They issued a "buy" rating and a $135.00 price target on the stock. Finally, Arete reiterated a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $150.59.

About Shopify

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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