DMC Group LLC Lowers Stake in Shopify Inc. $SHOP

Key Points

• DMC Group LLC reduced its stake in Shopify Inc. by 14.4%, now holding 10,203 shares valued at approximately $1.18 million, making it their 29th largest investment.
• Shopify's shares saw an opening price of $161.28, with a market cap of $209.61 billion, following a recent earnings report where EPS exceeded estimates at $0.35.
• Research analysts currently rate Shopify with an average rating of "Hold", with a consensus price target of $151.95.

DMC Group LLC lowered its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 14.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,203 shares of the software maker's stock after selling 1,714 shares during the quarter. Shopify accounts for about 0.9% of DMC Group LLC's investment portfolio, making the stock its 29th largest position. DMC Group LLC's holdings in Shopify were worth $1,177,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SHOP. Brighton Jones LLC lifted its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after buying an additional 584 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Shopify by 7.0% in the first quarter. Park Avenue Securities LLC now owns 37,748 shares of the software maker's stock worth $3,604,000 after buying an additional 2,470 shares in the last quarter. Capital Investment Advisors LLC lifted its holdings in shares of Shopify by 16.9% in the first quarter. Capital Investment Advisors LLC now owns 4,679 shares of the software maker's stock worth $447,000 after buying an additional 676 shares in the last quarter. Toth Financial Advisory Corp lifted its holdings in shares of Shopify by 42.6% in the first quarter. Toth Financial Advisory Corp now owns 8,775 shares of the software maker's stock worth $838,000 after buying an additional 2,623 shares in the last quarter. Finally, Moss Adams Wealth Advisors LLC purchased a new position in shares of Shopify in the first quarter worth $205,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SHOP. JMP Securities upped their price target on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. ATB Capital downgraded shares of Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Zacks Research raised shares of Shopify to a "hold" rating in a research note on Tuesday, August 12th. Robert W. Baird upped their price target on shares of Shopify from $160.00 to $170.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $149.00 price target on shares of Shopify in a research note on Tuesday, September 30th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $151.95.

Shopify Stock Down 2.0%

Shares of Shopify stock opened at $161.28 on Wednesday. The firm has a market capitalization of $209.61 billion, a P/E ratio of 90.10, a PEG ratio of 7.70 and a beta of 2.72. The company has a 50 day moving average price of $144.26 and a 200 day moving average price of $118.06. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69.

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, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the firm posted $0.26 EPS. Shopify's revenue for the quarter was up 31.1% compared to the same quarter last year. As a group, research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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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