Readystate Asset Management LP Sells 66,117 Shares of Shopify Inc. $SHOP

Key Points

• Readystate Asset Management cut its Shopify stake by 54.9% in the second quarter, selling 66,117 shares and retaining 54,295 shares valued at approximately $6.2 million.
• Wall Street sentiment remains positive: Shopify has a consensus rating of “Moderate Buy”, with 35 Buy, one Strong Buy, and 10 Hold ratings, and an average price target of $170.84.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and EPS of $0.42, exceeding analysts’ $0.40 estimate. Shares opened at $145.09, while the stock trades at a high valuation with a P/E ratio near 98.

Readystate Asset Management LP reduced its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 54.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,295 shares of the software maker's stock after selling 66,117 shares during the period. Readystate Asset Management LP's holdings in Shopify were worth $6,199,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Kingdom Financial Group LLC. acquired a new stake in shares of Shopify in the 4th quarter valued at about $26,000. Curio Wealth LLC acquired a new position in Shopify during the 4th quarter worth approximately $27,000. Evolution Wealth Management Inc. boosted its holdings in Shopify by 203.9% in the first quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker's stock worth $27,000 after acquiring an additional 155 shares in the last quarter. Graney & King LLC bought a new position in Shopify in the first quarter worth approximately $27,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in Shopify in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SHOP. Wells Fargo & Company reaffirmed an "overweight" rating and set a $180.00 target price (up from $144.00) on shares of Shopify in a research report on Friday, August 7th. Evercore restated an "outperform" rating and set a $175.00 price target (up from $135.00) on shares of Shopify in a research note on Wednesday, August 5th. Weiss Ratings raised shares of Shopify from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 17th. BTIG Research initiated coverage on shares of Shopify in a report on Friday, July 10th. They set a "buy" rating for the company. Finally, Citizens Jmp boosted their target price on shares of Shopify from $150.00 to $185.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $170.84.

Shopify Stock Performance

Shares of SHOP stock opened at $145.09 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 firm has a 50-day moving average of $134.20 and a 200-day moving average of $122.76. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company has a market cap of $186.68 billion, a P/E ratio of 98.03, a P/E/G ratio of 2.96 and a beta of 2.61.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.40 by $0.02. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.58 billion during the quarter. During the same period in the previous year, the company posted $0.69 earnings per share. The company's revenue for the quarter was up 33.7% on a year-over-year basis. Equities research analysts forecast that Shopify Inc. will post 1.45 EPS for the current fiscal year.

Shopify Company 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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