Shopify Inc. $SHOP Stake Decreased by Triasima Portfolio Management inc.

Key Points

• Triasima Portfolio Management inc. reduced its Shopify holdings by 14.4% in Q2, owning 134,249 shares worth approximately $15.45 million, making it the firm's third largest position.
• Shopify has received mixed ratings from analysts, with a consensus rating of "Hold" and a price target averaging $151.95, alongside significant price target adjustments from firms like JPMorgan and Scotiabank.
• The company reported a 31.1% year-over-year revenue increase to $2.68 billion for the recent quarter, exceeding analysts' expectations and reporting an EPS of $0.35.

Triasima Portfolio Management inc. lowered its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 14.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 134,249 shares of the software maker's stock after selling 22,550 shares during the quarter. Shopify comprises about 2.8% of Triasima Portfolio Management inc.'s portfolio, making the stock its 3rd largest position. Triasima Portfolio Management inc.'s holdings in Shopify were worth $15,453,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify in the second quarter valued at $25,000. Coastline Trust Co purchased a new position in Shopify in the 2nd quarter worth about $29,000. Global Wealth Strategies & Associates increased its stake in Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after buying an additional 170 shares during the period. Smithfield Trust Co increased its stake in 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 buying an additional 188 shares during the period. Finally, Dagco Inc. purchased a new position in Shopify in the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Shopify in a research note on Saturday, September 27th. JPMorgan Chase & Co. raised their price target on shares of Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. ATB Capital downgraded shares of Shopify to a "sector perform" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 price target (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Truist Financial raised their price target on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $151.95.

Shopify Stock Performance

NASDAQ SHOP opened at $161.28 on Wednesday. The company has a market capitalization of $209.61 billion, a price-to-earnings ratio of 90.10, a price-to-earnings-growth ratio of 7.70 and a beta of 2.72. The company's 50-day simple moving average is $144.26 and its two-hundred day simple moving average is $118.06. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 EPS. Equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

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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