Shopify Inc. $SHOP Holdings Trimmed by Level Four Advisory Services LLC

Key Points

• Level Four Advisory Services LLC has reduced its stake in Shopify Inc. by 12%, selling 4,028 shares during the first quarter, with current holdings valued at approximately $2.85 million.
• Shopify's recent quarterly earnings were strong, reporting $0.35 earnings per share, exceeding estimates, and a revenue increase of 31.1% year-over-year.
• Despite positive earnings, Shopify's stock is down 1.4% currently, with a market cap of $178.12 billion and varied analyst ratings indicating a weighted average target price of $148.51.

Level Four Advisory Services LLC lowered its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,526 shares of the software maker's stock after selling 4,028 shares during the period. Level Four Advisory Services LLC's holdings in Shopify were worth $2,850,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Tradition Wealth Management LLC lifted its stake in shares of Shopify by 15.4% in the 1st quarter. Tradition Wealth Management LLC now owns 3,678 shares of the software maker's stock valued at $351,000 after purchasing an additional 492 shares during the last quarter. Erste Asset Management GmbH lifted its position in Shopify by 295.3% during the 1st quarter. Erste Asset Management GmbH now owns 217,436 shares of the software maker's stock worth $20,965,000 after acquiring an additional 162,436 shares during the last quarter. Credit Agricole S A lifted its position in Shopify by 6.2% during the 1st quarter. Credit Agricole S A now owns 58,899 shares of the software maker's stock worth $5,624,000 after acquiring an additional 3,435 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in Shopify by 38.9% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 225,390 shares of the software maker's stock worth $21,520,000 after acquiring an additional 63,180 shares during the last quarter. Finally, MIG Capital LLC raised its position in shares of Shopify by 150.4% during the first quarter. MIG Capital LLC now owns 7,838 shares of the software maker's stock valued at $748,000 after buying an additional 4,708 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Down 1.4%

NYSE SHOP opened at $137.29 on Thursday. The stock has a market cap of $178.12 billion, a P/E ratio of 88.57, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $65.86 and a twelve month high of $156.85. The company's 50-day simple moving average is $123.27 and its 200 day simple moving average is $109.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 earnings per share. Research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Jefferies Financial Group lowered their price target on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a research note on Monday, May 5th. Citigroup boosted their price target on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Finally, Benchmark restated a "buy" rating and set a $140.00 price target (up from $125.00) on shares of Shopify in a research note on Tuesday, August 5th. Twenty-four analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and an average target price of $148.51.

Shopify Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.