Nicola Wealth Management LTD. Sells 24,188 Shares of 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. lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 10.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 216,383 shares of the software maker's stock after selling 24,188 shares during the period. Shopify makes up about 2.0% of Nicola Wealth Management LTD.'s investment portfolio, making the stock its 13th largest holding. Nicola Wealth Management LTD.'s holdings in Shopify were worth $20,593,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cim LLC increased its position in Shopify by 1.3% during the 1st quarter. Cim LLC now owns 12,512 shares of the software maker's stock valued at $1,194,000 after buying an additional 160 shares in the last quarter. Modern Wealth Management LLC increased its position in Shopify by 14.2% during the 1st quarter. Modern Wealth Management LLC now owns 2,743 shares of the software maker's stock valued at $262,000 after buying an additional 342 shares in the last quarter. Anson Funds Management LP bought a new position in Shopify during the 1st quarter valued at approximately $955,000. Anderson Financial Strategies LLC bought a new position in Shopify during the 1st quarter valued at approximately $267,000. Finally, Strs Ohio bought a new position in Shopify during the 1st quarter valued at approximately $30,577,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Phillip Securities cut Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Zacks Research raised Shopify to a "hold" rating in a research report on Tuesday, August 12th. Royal Bank Of Canada upped their price objective on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the company a "neutral" rating in a research report on Wednesday, August 27th. Finally, Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 price objective (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $150.27.

Shopify Trading Up 2.0%

SHOP opened at $145.03 on Friday. Shopify Inc. has a 1-year low of $69.63 and a 1-year high of $156.85. The company has a market capitalization of $188.49 billion, a PE ratio of 81.02, a PEG ratio of 6.74 and a beta of 2.69. The firm's 50 day simple moving average is $133.25 and its two-hundred day simple moving average is $111.82.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.26 earnings per share. Equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.

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