Shopify Inc. $SHOP Stock Holdings Lowered by Revolve Wealth Partners LLC

Key Points

• Revolve Wealth Partners LLC reduced its stake in Shopify Inc. by 38.7%, owning 7,980 shares worth $920,000 as of the end of the second quarter.
• Multiple institutional investors, including Nuveen LLC and Jennison Associates LLC, have significantly increased their holdings in Shopify during the first quarter.
• Shopify reported a 31.1% year-over-year revenue increase, with earnings per share of $0.35, surpassing analyst estimates of $0.29.

Revolve Wealth Partners LLC lowered its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 38.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,980 shares of the software maker's stock after selling 5,047 shares during the quarter. Revolve Wealth Partners LLC's holdings in Shopify were worth $920,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of Shopify during the 1st quarter valued at about $667,392,000. Jennison Associates LLC increased its holdings in Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock worth $504,209,000 after buying an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in Shopify by 34.4% in the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock worth $565,504,000 after buying an additional 1,522,573 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Shopify by 24.6% during the first quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker's stock valued at $530,336,000 after purchasing an additional 1,094,840 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

SHOP stock opened at $153.66 on Tuesday. The company has a fifty day moving average price of $147.18 and a two-hundred day moving average price of $119.67. The stock has a market cap of $199.71 billion, a price-to-earnings ratio of 85.84, a price-to-earnings-growth ratio of 7.07 and a beta of 2.72. 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 issued its quarterly earnings data 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 firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company's revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 EPS. Research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

SHOP has been the topic of several research analyst reports. Canaccord Genuity Group raised their price objective on shares of Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. CIBC lifted their price objective on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Stifel Nicolaus lifted their price target on Shopify from $110.00 to $150.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Zacks Research raised Shopify to a "hold" rating in a report on Tuesday, August 12th. Finally, BMO Capital Markets lifted their price objective on Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research report 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 issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $151.95.

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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