Shopify Inc. $SHOP Shares Sold by Granite Bay Wealth Management LLC

Key Points

• Granite Bay Wealth Management LLC reduced its stake in Shopify Inc. (NASDAQ:SHOP) by 29.7% during Q2, resulting in ownership of 8,122 shares worth approximately $937,000.
• Shopify reported a 31.1% year-over-year revenue increase, reaching $2.68 billion, and earnings per share of $0.35, exceeding analysts' expectations.
• Analyst ratings for Shopify include a range of evaluations, with recent target prices increased by BMO Capital Markets and Royal Bank Of Canada, indicating a generally positive outlook with an average target price of $150.27.

Granite Bay Wealth Management LLC cut its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 29.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,122 shares of the software maker's stock after selling 3,426 shares during the quarter. Granite Bay Wealth Management LLC's holdings in Shopify were worth $937,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of SHOP. Salem Investment Counselors Inc. increased its stake in Shopify by 16.7% in the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker's stock worth $81,000 after purchasing an additional 100 shares in the last quarter. Quadcap Wealth Management LLC boosted its holdings in shares of Shopify by 0.9% in the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock worth $1,063,000 after buying an additional 103 shares during the period. Centurion Wealth Management LLC boosted its holdings in shares of Shopify by 1.7% in the second quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker's stock worth $731,000 after buying an additional 103 shares during the period. Fullcircle Wealth LLC increased its position in shares of Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after acquiring an additional 110 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC increased its position in shares of Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after acquiring an additional 116 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NASDAQ SHOP opened at $143.38 on Monday. Shopify Inc. has a one year low of $69.84 and a one year high of $156.85. The business's 50-day moving average price is $133.77 and its two-hundred day moving average price is $112.04. The company has a market capitalization of $186.35 billion, a P/E ratio of 80.10, a price-to-earnings-growth ratio of 6.79 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, topping analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business's quarterly revenue was up 31.1% on a year-over-year basis. During the same period last year, the business earned $0.26 EPS. On average, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently commented on SHOP. BMO Capital Markets upped their price target on shares of Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. ATB Capital downgraded shares of Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Royal Bank Of Canada raised their target price on Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Phillip Securities downgraded Shopify from a "moderate buy" rating to a "hold" rating in a report on Tuesday, August 12th. Finally, Oppenheimer upped their price target on Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a research report 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. According to MarketBeat.com, the company has an average 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.

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