Moloney Securities Asset Management LLC Trims Position in Shopify Inc. $SHOP

Key Points

• Moloney Securities Asset Management LLC decreased its stake in Shopify Inc. by 90.4% in the second quarter, holding just 3,881 shares after selling 36,600 shares.
• Shopify's recent earnings report revealed $2.68 billion in revenue, surpassing estimates, with a net margin of 23.42% and an EPS of $0.35.
• Analysts are optimistic, with many raising their price targets for Shopify; Robert W. Baird upgraded its target to $170.00 and BMO Capital Markets increased it to $180.00.

Moloney Securities Asset Management LLC cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 90.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,881 shares of the software maker's stock after selling 36,600 shares during the quarter. Moloney Securities Asset Management LLC's holdings in Shopify were worth $448,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in Shopify by 30.2% during the 2nd quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 2,800 shares of the software maker's stock worth $323,000 after buying an additional 650 shares during the last quarter. Asset Management One Co. Ltd. raised its position in Shopify by 2.5% during the 2nd quarter. Asset Management One Co. Ltd. now owns 101,901 shares of the software maker's stock worth $11,754,000 after buying an additional 2,517 shares during the last quarter. R Squared Ltd raised its position in Shopify by 2.1% during the 2nd quarter. R Squared Ltd now owns 7,066 shares of the software maker's stock worth $815,000 after buying an additional 144 shares during the last quarter. Guardian Asset Advisors LLC raised its position in Shopify by 1.5% during the 2nd quarter. Guardian Asset Advisors LLC now owns 11,097 shares of the software maker's stock worth $1,280,000 after buying an additional 160 shares during the last quarter. Finally, Carnegie Investment Counsel raised its position in Shopify by 0.8% during the 2nd quarter. Carnegie Investment Counsel now owns 111,693 shares of the software maker's stock worth $12,884,000 after buying an additional 863 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 3.5%

SHOP opened at $172.95 on Friday. The company has a market cap of $224.78 billion, a price-to-earnings ratio of 96.62, a PEG ratio of 8.10 and a beta of 2.72. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $174.74. The firm's fifty day simple moving average is $149.93 and its two-hundred day simple moving average is $124.17.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Robert W. Baird raised their price target on shares of Shopify from $160.00 to $170.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 7th. BMO Capital Markets lifted their target price on shares of Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Benchmark reaffirmed a "buy" rating and set a $140.00 target price (up from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Stifel Nicolaus lifted their target price on shares of Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, ATB Capital lowered shares of Shopify to a "sector perform" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus target price of $153.30.

Shopify Company 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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