Dynamic Technology Lab Private Ltd Sells 3,241 Shares of Shopify Inc. $SHOP

Key Points

• Dynamic Technology Lab Private Ltd reduced its stake in Shopify Inc. by 25.3%, owning 9,549 shares worth approximately $912,000 after selling 3,241 shares in the first quarter.
• Shopify reported $0.35 earnings per share for its most recent quarter, exceeding estimates, and achieved a 31.1% year-over-year revenue increase to $2.68 billion.
• Recent analyst upgrades include price target increases from Wedbush to $160 and from CIBC to $185, indicating a strong outlook for the stock.

Dynamic Technology Lab Private Ltd lowered its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 25.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,549 shares of the software maker's stock after selling 3,241 shares during the period. Dynamic Technology Lab Private Ltd's holdings in Shopify were worth $912,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $30,000. Smithfield Trust Co increased its holdings in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares in the last quarter. Dagco Inc. purchased a new stake in shares of Shopify in the first quarter valued at $30,000. Cary Street Partners Investment Advisory LLC raised its holdings in Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after buying an additional 165 shares in the last quarter. Finally, Accent Capital Management LLC bought a new position in Shopify during the first quarter valued at about $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

Shares of NASDAQ:SHOP traded up $2.83 during mid-day trading on Thursday, reaching $145.03. 6,047,331 shares of the company's stock were exchanged, compared to its average volume of 5,607,783. Shopify Inc. has a twelve month low of $69.63 and a twelve month high of $156.85. The business's fifty day moving average price is $132.70 and its 200-day moving average price is $111.62. The firm has a market capitalization of $188.49 billion, a price-to-earnings ratio of 81.02, a PEG ratio of 6.74 and a beta of 2.69.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHOP. Robert W. Baird lifted 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. Arete restated a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. Wells Fargo & Company upped their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. KeyCorp restated an "overweight" rating and set a $175.00 price objective (up from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $150.00 target price (up from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Twenty-four investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $150.27.

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.