ICONIQ Capital LLC Has $28.85 Million Holdings in Shopify Inc. $SHOP

Key Points

• ICONIQ Capital cut its Shopify stake by 89.7% in the second quarter, selling 2.2 million shares and retaining 252,702 shares valued at approximately $28.85 million.
• Institutional investors and hedge funds own 69.27% of Shopify, while analyst sentiment remains positive with a consensus “Moderate Buy” rating and an average price target of $170.84.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and adjusted earnings of $0.42 per share, exceeding estimates of $0.40.

ICONIQ Capital LLC cut its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 89.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 252,702 shares of the software maker's stock after selling 2,203,350 shares during the period. Shopify makes up approximately 0.9% of ICONIQ Capital LLC's holdings, making the stock its 13th biggest position. ICONIQ Capital LLC's holdings in Shopify were worth $28,854,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Weiss Ratings upgraded Shopify from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 17th. UBS Group reiterated a "neutral" rating and issued a $145.00 price target (up from $130.00) on shares of Shopify in a report on Thursday, August 6th. BTIG Research assumed coverage on Shopify in a report on Friday, July 10th. They set a "buy" rating on the stock. Phillip Securities lowered Shopify from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, August 17th. Finally, Bank of America initiated coverage on shares of Shopify in a research report on Tuesday, July 7th. They set a "buy" rating and a $150.00 price objective for the company. One equities 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's stock. According to MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus price target of $170.84.

Shopify Price Performance

Shopify stock opened at $152.90 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35. The company's 50-day moving average is $130.97 and its 200-day moving average is $121.79. The firm has a market capitalization of $196.73 billion, a PE ratio of 103.31, a P/E/G ratio of 3.12 and a beta of 2.58. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

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

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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