Circle Wealth Management LLC Sells 3,421 Shares of Shopify Inc. $SHOP

Key Points

• Circle Wealth Management LLC has reduced its stake in Shopify by 10.7%, bringing its holdings to 28,700 shares worth approximately $2.74 million.
• Wall Street analysts are optimistic about Shopify's growth, with multiple firms raising their target prices for the stock, leading to a consensus target of $148.51.
• Shopify reported a quarterly earnings per share (EPS) of $0.35, exceeding expectations and demonstrating a 31.1% year-over-year revenue growth.

Circle Wealth Management LLC lessened its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,700 shares of the software maker's stock after selling 3,421 shares during the quarter. Circle Wealth Management LLC's holdings in Shopify were worth $2,740,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SHOP. Fourth Dimension Wealth LLC bought a new stake in Shopify during the fourth quarter worth approximately $30,000. Smithfield Trust Co boosted its position in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares during the last quarter. Dagco Inc. acquired a new stake in shares of Shopify in the 1st quarter valued at approximately $30,000. Cary Street Partners Investment Advisory LLC increased its position in shares of Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after acquiring an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC acquired a new stake in Shopify in the first quarter valued at $46,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SHOP shares. The Goldman Sachs Group upped their target price on Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Wells Fargo & Company raised their price target on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. DA Davidson upped their target price on shares of Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Jefferies Financial Group cut their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a report on Monday, May 5th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Down 1.1%

Shares of NYSE SHOP traded down $1.58 on Monday, hitting $140.53. The company had a trading volume of 4,850,916 shares, compared to its average volume of 10,300,885. Shopify Inc. has a 12-month low of $65.86 and a 12-month high of $156.85. The firm has a market capitalization of $182.64 billion, a P/E ratio of 90.67, a PEG ratio of 4.82 and a beta of 2.63. The business has a 50 day moving average of $124.55 and a two-hundred day moving average of $109.77.

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

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.