Shopify Inc. $SHOP Shares Sold by Woodward Diversified Capital LLC

Key Points

• Woodward Diversified Capital LLC reduced its stake in Shopify Inc. by 20.0% during the second quarter, selling 3,011 shares to hold 12,024 shares valued at approximately $1.39 million.
• Analysts have a positive outlook on Shopify, with 23 rating it as a Buy and an average target price of $150.83, following several price upgrades from firms like Wells Fargo and CIBC.
• Shopify reported a quarterly earnings per share of $0.35, exceeding analyst expectations, alongside a 31.1% year-over-year revenue increase of $2.68 billion.

Woodward Diversified Capital LLC lowered its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 20.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,024 shares of the software maker's stock after selling 3,011 shares during the period. Woodward Diversified Capital LLC's holdings in Shopify were worth $1,387,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Family Legacy Financial Solutions LLC acquired a new position in shares of Shopify in the 2nd quarter valued at $25,000. Coastline Trust Co purchased a new stake in Shopify during the second quarter valued at about $29,000. Smithfield Trust Co lifted its stake in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares in the last quarter. Dagco Inc. acquired a new position in shares of Shopify in the first quarter worth about $30,000. Finally, Global Wealth Strategies & Associates increased its position in shares of Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after acquiring an additional 170 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SHOP. Wells Fargo & Company raised their price objective on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. ATB Capital cut Shopify to a "sector perform" rating in a research report on Thursday, August 7th. CIBC upped their price target on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Oppenheimer reissued an "outperform" rating and issued a $149.00 price objective on shares of Shopify in a research note on Tuesday. Finally, Arete Research raised Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Twenty-three investment 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's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $150.83.

Shopify Stock Up 0.6%

Shares of SHOP opened at $149.57 on Thursday. The firm has a market cap of $194.39 billion, a price-to-earnings ratio of 83.56, a price-to-earnings-growth ratio of 7.04 and a beta of 2.72. The company's fifty day moving average is $141.46 and its 200-day moving average is $116.29. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $2.55 billion. During the same period in the prior year, the company posted $0.26 earnings per share. Shopify's revenue for the quarter was up 31.1% on a year-over-year basis. As a group, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal 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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