Shopify Inc. $SHOP Shares Sold by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC reduced its holdings in Shopify Inc. by 44.7%, selling 6,736 shares, and now owns 8,340 shares worth approximately $962,000.
• Institutional investors and hedge funds hold 69.27% of Shopify's stock, with significant recent investments from firms like Vanguard Group Inc. and Mackenzie Financial Corp.
• Shopify's shares are trading at $161.14, showing a 6.5% increase, and the company reported strong quarterly earnings with a revenue growth of 31.1% year-over-year.

HB Wealth Management LLC trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 44.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,340 shares of the software maker's stock after selling 6,736 shares during the period. HB Wealth Management LLC's holdings in Shopify were worth $962,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Shopify by 1.9% during the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the period. Mackenzie Financial Corp grew its holdings in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after acquiring an additional 1,426,406 shares during the period. Nuveen LLC bought a new stake in Shopify in the first quarter worth about $667,392,000. Canada Pension Plan Investment Board raised its position in Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock worth $565,504,000 after acquiring an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after acquiring an additional 979,598 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SHOP shares. Benchmark reissued a "buy" rating and issued a $140.00 price target (up from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a report on Tuesday, July 22nd. JMP Securities upped their price target on shares of Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. Royal Bank Of Canada upped their price target on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, TD Cowen reissued a "hold" rating and issued a $156.00 price target on shares of Shopify in a research note on Friday. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Shopify currently has an average rating of "Hold" and a consensus target price of $150.59.

Shopify Trading Up 6.5%

Shares of NASDAQ SHOP opened at $161.14 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $162.60. The firm has a market capitalization of $209.43 billion, a PE ratio of 90.02, a PEG ratio of 7.17 and a beta of 2.72. The business has a 50-day moving average price of $142.78 and a two-hundred day moving average price of $117.13.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period last year, the company posted $0.26 EPS. The business's quarterly revenue was up 31.1% compared to the same quarter last year. Research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Shopify 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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