Nicola Wealth Management LTD. Trims Position in Shopify Inc. $SHOP

Key Points

• Nicola Wealth Management LTD. reduced its stake in Shopify Inc. by 10.1%, selling 24,188 shares and now holding 216,383 shares valued at approximately $20.6 million.
• Despite some institutional sell-offs, Shopify remains a popular investment, with 69.27% of its stock owned by institutional investors and analysts giving it a consensus rating of "Moderate Buy."
• Shopify reported a 31.1% year-over-year increase in revenue with earnings per share of $0.35, surpassing analysts' expectations of $0.29.

Nicola Wealth Management LTD. trimmed its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 216,383 shares of the software maker's stock after selling 24,188 shares during the quarter. Shopify accounts for about 2.0% of Nicola Wealth Management LTD.'s holdings, making the stock its 13th biggest holding. Nicola Wealth Management LTD.'s holdings in Shopify were worth $20,593,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Brighton Jones LLC lifted its stake in 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 purchasing an additional 584 shares during the last quarter. NorthRock Partners LLC lifted its stake in shares of Shopify by 125.5% in the 4th quarter. NorthRock Partners LLC now owns 5,999 shares of the software maker's stock valued at $638,000 after acquiring an additional 3,339 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in Shopify by 24.7% during the 4th quarter. Quantinno Capital Management LP now owns 48,553 shares of the software maker's stock valued at $5,163,000 after acquiring an additional 9,602 shares during the period. Quadcap Wealth Management LLC grew its position in Shopify by 4.1% during the 4th quarter. Quadcap Wealth Management LLC now owns 11,030 shares of the software maker's stock worth $1,173,000 after acquiring an additional 436 shares during the last quarter. Finally, Redwood Investments LLC bought a new position in Shopify during the 4th quarter worth approximately $271,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Down 0.5%

Shares of Shopify stock traded down $0.74 during trading hours on Wednesday, reaching $146.47. 1,641,291 shares of the stock traded hands, compared to its average volume of 9,851,347. The company has a 50 day moving average price of $135.09 and a 200 day moving average price of $112.54. The firm has a market capitalization of $190.36 billion, a price-to-earnings ratio of 81.83, a P/E/G ratio of 7.01 and a beta of 2.69. Shopify Inc. has a one year low of $69.84 and a one year high of $156.85.

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, topping analysts' consensus estimates of $0.29 by $0.06. The company 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 firm's revenue was up 31.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 earnings per share. Sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SHOP. Wedbush raised their price target on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Robert W. Baird lifted their target price on shares of Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Arete Research raised shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Truist Financial raised their price objective on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, Mizuho increased their target price on Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $151.69.

Shopify 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.