Shopify Inc. $SHOP Shares Sold by GC Wealth Management RIA LLC

Key Points

• GC Wealth Management RIA LLC cut its Shopify stake by 27.8% in the first quarter, selling 12,316 shares and leaving it with 32,015 shares worth about $3.8 million.
• Shopify shares were down 5.4%, opening at $112.00, while the company still carries a large market cap of $145.34 billion and trades well below its 12-month high of $182.19.
• Wall Street remains broadly positive on Shopify, with analysts maintaining mostly Buy/Overweight ratings and an average price target of $157.86, despite a few recent target cuts and one downgrade to Market Perform/Hold.

GC Wealth Management RIA LLC reduced its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 27.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 32,015 shares of the software maker's stock after selling 12,316 shares during the quarter. GC Wealth Management RIA LLC's holdings in Shopify were worth $3,798,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in shares of Shopify by 2.8% during 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. AQR Capital Management LLC increased its position in shares of Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker's stock valued at $1,392,000 after acquiring an additional 7,544 shares during the period. Sivia Capital Partners LLC increased its position in shares of Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker's stock valued at $945,000 after acquiring an additional 506 shares during the period. Osterweis Capital Management Inc. purchased a new position in Shopify in the 2nd quarter worth $53,000. Finally, Main Street Financial Solutions LLC raised its stake in Shopify by 15.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker's stock worth $1,284,000 after acquiring an additional 1,479 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 5.4%

Shares of Shopify stock opened at $112.00 on Friday. The firm has a market cap of $145.34 billion, a PE ratio of 110.89, a P/E/G ratio of 2.55 and a beta of 2.58. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $182.19. The business has a 50-day moving average price of $114.12 and a 200 day moving average price of $122.19.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SHOP shares. Needham & Company LLC reiterated a "buy" rating and set a $180.00 price target on shares of Shopify in a research note on Tuesday, May 5th. Citizens Jmp reduced their price objective on Shopify from $160.00 to $150.00 and set a "market outperform" rating for the company in a research note on Wednesday, May 6th. Piper Sandler reaffirmed an "overweight" rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a report on Tuesday, May 5th. Canaccord Genuity Group decreased their target price on Shopify from $165.00 to $145.00 and set a "buy" rating for the company in a report on Wednesday, May 6th. Finally, BMO Capital Markets started coverage on Shopify in a research report on Friday, July 10th. They issued a "market perform" rating on the stock. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $157.86.

Shopify News Summary

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Several recent articles highlighted Shopify’s strong growth profile, pointing to its ability to generate exceptional returns and calling it attractive for growth investors. 3 Reasons Why Growth Investors Shouldn't Overlook Shopify (SHOP)
• Positive Sentiment: Analyst coverage remained upbeat overall, with reports saying Wall Street sees Shopify as a buy and consensus price targets implying meaningful upside from current levels. Wall Street Analysts See Shopify (SHOP) as a Buy: Should You Invest?
• Positive Sentiment: Another analyst-focused piece said Shopify could surge about 27.9% based on consensus estimates, suggesting expectations for continued earnings momentum. Wall Street Analysts Think Shopify (SHOP) Could Surge 27.88%: Read This Before Placing a Bet
• Neutral Sentiment: Shopify ecosystem news remained constructive, as OneMagnify earned Premier Partner status, which underscores ongoing platform adoption and partner activity. OneMagnify Achieves Shopify Premier Partner Status, Powering Measurable Growth for Global Commerce Brands
• Negative Sentiment: Offsetting the bullish commentary, Rothschild & Co Redburn downgraded Shopify from buy to hold, which likely weighed on sentiment even though its new price target still implies upside. Zacks.com
• Negative Sentiment: Separate coverage noted unusually high options volume and an earlier session where Shopify lagged the broader market, suggesting traders have been active and cautious around the stock. Shopify Sees Unusually High Options Volume NASDAQ: SHOP

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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