Tcfg Wealth Management LLC lessened its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 30.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,895 shares of the software maker's stock after selling 1,667 shares during the quarter. Tcfg Wealth Management LLC's holdings in Shopify were worth $449,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hummer Financial Advisory Services Inc boosted its position in Shopify by 3.8% during the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker's stock worth $299,000 after purchasing an additional 95 shares during the period. Salem Investment Counselors Inc. boosted its holdings in shares of Shopify by 16.7% during the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker's stock worth $81,000 after buying an additional 100 shares during the period. Quadcap Wealth Management LLC grew its stake in Shopify by 0.9% in the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock valued at $1,063,000 after buying an additional 103 shares during the last quarter. Centurion Wealth Management LLC raised its holdings in Shopify by 1.7% in the 2nd quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker's stock worth $731,000 after acquiring an additional 103 shares during the period. Finally, Fullcircle Wealth LLC lifted its position in Shopify by 2.7% during the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after acquiring an additional 110 shares during the last quarter. Institutional investors own 69.27% of the company's stock.
Shopify Trading Up 2.1%
Shares of NASDAQ SHOP opened at $164.50 on Tuesday. The firm has a market capitalization of $213.79 billion, a price-to-earnings ratio of 91.90, a PEG ratio of 7.64 and a beta of 2.72. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The business has a fifty day simple moving average of $143.53 and a 200 day simple moving average of $117.76.
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. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm 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 earned $0.26 earnings per share. The business's revenue was up 31.1% compared to the same quarter last year. On average, research analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on SHOP shares. TD Cowen reaffirmed a "hold" rating and issued a $156.00 price target on shares of Shopify in a research report on Friday. Atb Cap Markets downgraded Shopify from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 6th. Truist Financial upped their price target on Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Mizuho raised their price objective on shares of Shopify from $85.00 to $150.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Twenty-two investment analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $150.59.
Get Our Latest Analysis on SHOP
Shopify Company Profile
(
Free Report)
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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