Shopify Inc. $SHOP Shares Sold by Procyon Advisors LLC

Procyon Advisors LLC cut its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 76.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 19,604 shares of the software maker's stock after selling 63,968 shares during the quarter. Procyon Advisors LLC's holdings in Shopify were worth $2,261,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Global Wealth Strategies & Associates increased its position in shares of Shopify by 182.8% during the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after purchasing an additional 170 shares during the period. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the 4th quarter worth $30,000. Smithfield Trust Co grew its holdings in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares during the last quarter. Dagco Inc. acquired a new position in shares of Shopify in the 1st quarter worth $30,000. Finally, Cary Street Partners Investment Advisory LLC grew its holdings in shares of Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after acquiring an additional 165 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $147.21 on Wednesday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $156.85. The business has a 50-day moving average of $135.09 and a two-hundred day moving average of $112.54. The stock has a market capitalization of $191.32 billion, a P/E ratio of 82.24, a P/E/G ratio of 7.01 and a beta of 2.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced 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. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.55 billion. During the same quarter in the previous year, the firm earned $0.26 earnings per share. The business's quarterly revenue was up 31.1% compared to the same quarter last year. As a group, research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on SHOP. The Goldman Sachs Group lifted their target price on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Barclays lifted their target price on Shopify from $94.00 to $120.00 and gave the stock an "equal weight" rating in a report on Thursday, August 7th. JMP Securities lifted their target price on Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Wedbush lifted their target price on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Finally, Phillip Securities cut Shopify from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, August 12th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and a consensus price target of $151.69.

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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