Headlands Technologies LLC Sells 47,915 Shares of Shopify Inc. $SHOP

Key Points

• Headlands Technologies cut its Shopify stake by 81.3% in the second quarter, selling 47,915 shares and retaining 11,043 shares valued at approximately $1.26 million.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share, exceeding analyst expectations by $0.02.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $170.84; 69.27% of Shopify shares are held by institutional investors.

Headlands Technologies LLC decreased its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 81.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,043 shares of the software maker's stock after selling 47,915 shares during the quarter. Headlands Technologies LLC's holdings in Shopify were worth $1,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of SHOP. Kingdom Financial Group LLC. purchased a new stake in Shopify during the fourth quarter valued at $26,000. Curio Wealth LLC bought a new position in Shopify during the fourth quarter valued at $27,000. Lloyd Advisory Services LLC. purchased a new position in shares of Shopify in the 4th quarter worth $31,000. Navalign LLC bought a new stake in shares of Shopify in the 4th quarter worth about $34,000. Finally, Modus Advisors LLC purchased a new stake in shares of Shopify during the 4th quarter valued at about $34,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $147.37 on Tuesday. The firm has a market cap of $189.61 billion, a PE ratio of 99.57, a price-to-earnings-growth ratio of 3.12 and a beta of 2.58. The firm's 50 day simple moving average is $131.76 and its 200-day simple moving average is $121.93. Shopify Inc. has a one year low of $94.00 and a one year 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 announced its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%.The company had revenue of $3.58 billion for the quarter. During the same period last year, the company earned $0.69 EPS. The firm's revenue for the quarter was up 33.7% compared to the same quarter last year. As a group, equities analysts predict that Shopify Inc. will post 1.45 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SHOP shares. Morgan Stanley cut shares of Shopify from an "overweight" rating to a "buy" rating in a research report on Monday, July 13th. Citigroup reaffirmed an "outperform" rating on shares of Shopify in a research note on Thursday, August 6th. Wedbush upped their price target on shares of Shopify from $155.00 to $176.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Wells Fargo & Company reiterated an "overweight" rating and set a $180.00 price target (up from $144.00) on shares of Shopify in a report on Friday, August 7th. Finally, Zacks Research lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $170.84.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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