Exchange Traded Concepts LLC Sells 8,851 Shares of Shopify Inc. $SHOP

Key Points

• Exchange Traded Concepts LLC reduced its holdings in Shopify by 22.3% in the 2nd quarter, selling 8,851 shares and leaving them with 30,867 shares valued at approximately $3.56 million.
• Shopify reported earnings of $0.35 per share for the last quarter, exceeding analysts' expectations of $0.29, along with a revenue increase of 31.1% year-over-year, totaling $2.68 billion.
• Wall Street analysts have varied ratings for Shopify, with a consensus target price of $151.69, and the stock has seen an upgrade in price targets from several research firms.

Exchange Traded Concepts LLC lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 22.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,867 shares of the software maker's stock after selling 8,851 shares during the period. Exchange Traded Concepts LLC's holdings in Shopify were worth $3,561,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. Brighton Jones LLC raised its holdings in shares of 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 buying an additional 584 shares during the period. Two Sigma Advisers LP acquired a new position in shares of Shopify during the fourth quarter worth about $314,000. Waverly Advisors LLC grew its stake in Shopify by 185.1% during the 4th quarter. Waverly Advisors LLC now owns 8,781 shares of the software maker's stock worth $934,000 after buying an additional 5,701 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify in the 4th quarter worth $30,000. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in shares of Shopify in the 4th quarter worth approximately $287,000. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

NASDAQ:SHOP traded up $1.19 during trading hours on Friday, reaching $153.30. 8,809,955 shares of the company were exchanged, compared to its average volume of 5,403,877. The firm has a market cap of $199.24 billion, a price-to-earnings ratio of 85.64, a PEG ratio of 7.26 and a beta of 2.69. The stock has a 50 day simple moving average of $137.32 and a 200 day simple moving average of $113.58. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $156.85.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the previous year, the business posted $0.26 EPS. Shopify's revenue was up 31.1% on a year-over-year basis. On average, analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on SHOP. Evercore ISI increased their price objective on shares of Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. JMP Securities raised their target price on Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. Mizuho boosted their target price on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the stock a "neutral" rating in a research note on Wednesday, August 27th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company 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.