Simplicity Wealth LLC Has $1.86 Million Stock Position in Shopify Inc. $SHOP

Key Points

• Simplicity Wealth LLC has reduced its stake in Shopify Inc. by 41.0%, now holding 16,087 shares valued at approximately $1.86 million.
• Shopify reported a 31.1% year-over-year revenue increase with a net margin of 23.42%, surpassing analysts' estimates with earnings of $0.35 per share versus a consensus of $0.29.
• Wall Street analysts are optimistic about Shopify, with 22 analysts rating it as a Buy and a consensus price target of $150.59 per share.

Simplicity Wealth LLC reduced its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 41.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,087 shares of the software maker's stock after selling 11,177 shares during the period. Simplicity Wealth LLC's holdings in Shopify were worth $1,856,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in SHOP. Family Legacy Financial Solutions LLC acquired a new stake in Shopify in the second quarter valued at approximately $25,000. Coastline Trust Co bought a new position in shares of Shopify during the 2nd quarter valued at $29,000. Global Wealth Strategies & Associates lifted its stake in shares of Shopify by 182.8% in 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 last quarter. Smithfield Trust Co boosted its holdings in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares in the last quarter. Finally, Dagco Inc. acquired a new position in Shopify during the first quarter worth $30,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. National Bankshares boosted their price target on Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Barclays raised their price objective on Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a research note on Thursday, August 7th. Arete Research raised Shopify to a "hold" rating in a research report on Wednesday, July 23rd. JMP Securities increased their price target on Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a report on Thursday, August 7th. Finally, DA Davidson boosted their price objective on shares of Shopify from $125.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of "Hold" and an average price target of $150.59.

Shopify Price Performance

SHOP stock opened at $161.14 on Monday. The stock has a market capitalization of $209.43 billion, a P/E ratio of 90.02, a P/E/G ratio of 7.64 and a beta of 2.72. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $162.60. The business has a 50-day moving average of $142.78 and a 200-day moving average of $117.34.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its 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. 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 firm's revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.26 earnings per share. Equities analysts expect that Shopify Inc. will post 1.12 EPS for the current 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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