Kestra Advisory Services LLC Sells 6,443 Shares of Shopify Inc. $SHOP

Key Points

• Kestra Advisory Services LLC reduced its position in Shopify Inc. by 8.1%, holding 73,476 shares worth $7,015,000 after selling 6,443 shares in the first quarter.
• Shopify's latest earnings report revealed $2.68 billion in revenue and $0.35 EPS, surpassing analyst expectations and showing a 31.1% increase in revenue year-over-year.
• Analysts have varied ratings on Shopify, with 24 rating the stock as a Buy, 20 as a Hold, and one as a Sell, resulting in a consensus target price of $148.51.

Kestra Advisory Services LLC cut its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 8.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,476 shares of the software maker's stock after selling 6,443 shares during the quarter. Kestra Advisory Services LLC's holdings in Shopify were worth $7,015,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in SHOP. LRI Investments LLC raised its stake in Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after acquiring an additional 79 shares in the last quarter. Fullcircle Wealth LLC raised its stake in Shopify by 2.7% during the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after acquiring an additional 110 shares in the last quarter. Avidian Wealth Enterprises LLC raised its stake in Shopify by 3.4% during the 1st quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after acquiring an additional 116 shares in the last quarter. Pinnacle Financial Partners Inc raised its stake in Shopify by 4.0% during the 1st quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock valued at $320,000 after acquiring an additional 125 shares in the last quarter. Finally, Accurate Wealth Management LLC raised its stake in Shopify by 4.0% during the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after acquiring an additional 131 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on SHOP shares. Atb Cap Markets downgraded Shopify from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 6th. Arete Research upgraded Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Royal Bank Of Canada lifted their price target on Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Morgan Stanley lifted their price target on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Finally, BMO Capital Markets lifted their price target on Shopify from $120.00 to $180.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.27.

Shopify Stock Performance

Shares of SHOP stock traded up $1.65 on Thursday, reaching $141.54. 6,322,015 shares of the company's stock traded hands, compared to its average volume of 10,210,580. Shopify Inc. has a 12-month low of $65.86 and a 12-month high of $156.85. The company has a market capitalization of $183.95 billion, a P/E ratio of 91.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The business's 50 day moving average price is $126.56 and its two-hundred day moving average price is $110.35.

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