Shopify Inc. $SHOP Shares Sold by Chicago Partners Investment Group LLC

Key Points

• Chicago Partners Investment Group LLC has reduced its stake in Shopify Inc. by 11.8%, owning 15,363 shares after selling 2,049 shares in the second quarter.
• Research analysts issued varying ratings for Shopify, with Citigroup increasing the target price to $195.00 and giving a "buy" rating, while Atb Cap Markets downgraded it to a "hold" rating.
• Shopify reported $2.68 billion in revenue for the last quarter, surpassing expectations, and the company's stock has a 50-day moving average of $148.34.

Chicago Partners Investment Group LLC reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 11.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,363 shares of the software maker's stock after selling 2,049 shares during the period. Chicago Partners Investment Group LLC's holdings in Shopify were worth $1,878,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its position in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares during the period. GAMMA Investing LLC lifted its position in Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after purchasing an additional 428 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Shopify by 0.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 154,273 shares of the software maker's stock valued at $14,730,000 after purchasing an additional 799 shares during the period. Blue Trust Inc. lifted its position in Shopify by 31.4% during the first quarter. Blue Trust Inc. now owns 2,379 shares of the software maker's stock valued at $227,000 after purchasing an additional 568 shares during the period. Finally, Moser Wealth Advisors LLC lifted its position in Shopify by 4.9% during the first quarter. Moser Wealth Advisors LLC now owns 10,174 shares of the software maker's stock valued at $971,000 after purchasing an additional 475 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Citigroup boosted their target price on shares of Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research report on Friday, August 8th. TD Securities boosted their target price on shares of Shopify from $130.00 to $156.00 and gave the company a "hold" rating in a research report on Friday, October 3rd. Atb Cap Markets downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 6th. Robert W. Baird upped their price objective on shares of Shopify from $160.00 to $170.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 7th. Finally, TD Cowen reiterated a "hold" rating and issued a $156.00 price objective on shares of Shopify in a research report on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $152.76.

Shopify Stock Performance

Shares of Shopify stock opened at $164.71 on Tuesday. The firm has a 50-day simple moving average of $148.34 and a two-hundred day simple moving average of $122.02. The company has a market cap of $214.07 billion, a P/E ratio of 92.02, a price-to-earnings-growth ratio of 7.39 and a beta of 2.72. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its 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 net margin of 23.42% and a return on equity of 12.30%. The company's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.26 earnings per share. Equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

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.

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