SeaCrest Wealth Management LLC Sells 2,954 Shares of Shopify Inc. $SHOP

Key Points

• SeaCrest Wealth Management LLC reduced its stake in Shopify Inc. by 61.3%, selling 2,954 shares and leaving it with 1,866 shares valued at approximately $215,000.
• Shopify reported $2.68 billion in revenue for the last quarter, exceeding expectations and marking a 31.1% year-over-year increase in revenue.
• Analysts maintain a mostly positive outlook on Shopify, with 23 Buy ratings and a consensus price target of $151.69 following recent price target increases from firms like Mizuho and TD Securities.

SeaCrest Wealth Management LLC lessened its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 61.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,866 shares of the software maker's stock after selling 2,954 shares during the quarter. SeaCrest Wealth Management LLC's holdings in Shopify were worth $215,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp grew its holdings in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after purchasing an additional 1,426,406 shares during the period. Nuveen LLC bought a new position in Shopify during the first quarter worth about $667,392,000. Canada Pension Plan Investment Board grew its holdings in Shopify by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock worth $565,504,000 after purchasing an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Shopify by 21.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock worth $539,382,000 after acquiring an additional 979,598 shares during the period. Institutional investors own 69.27% of the company's stock.

Shopify Trading Up 2.5%

SHOP opened at $157.12 on Tuesday. The company has a market capitalization of $204.20 billion, a PE ratio of 87.78, a PEG ratio of 7.26 and a beta of 2.69. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $159.01. The firm's 50 day simple moving average is $138.13 and its two-hundred day simple moving average is $113.98.

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

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent research reports. Mizuho boosted their price target on Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. TD Securities upped their price target on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Robert W. Baird increased their price objective on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. UBS Group increased their price target on Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Finally, ATB Capital cut shares of Shopify to a "sector perform" rating in a research report on Thursday, August 7th. Twenty-three analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $151.69.

About Shopify

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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