Sowell Financial Services LLC Sells 2,352 Shares of Shopify Inc. $SHOP

Key Points

• Sowell Financial Services LLC sold 2,352 shares of Shopify Inc., reducing its position by 14.4%, and now holds 13,965 shares worth approximately $1.61 million.
• Several analysts have upgraded Shopify’s target prices, with JPMorgan Chase raising it from $115.00 to $179.00 and Citigroup from $155.00 to $195.00, reflecting strong market interest.
• Shopify's latest earnings report showed a 31.1% increase in quarterly revenue year-over-year, reaching $2.68 billion, with earnings per share of $0.35 surpassing expectations.

Sowell Financial Services LLC lowered its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 14.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,965 shares of the software maker's stock after selling 2,352 shares during the period. Sowell Financial Services LLC's holdings in Shopify were worth $1,611,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SHOP. Brighton Jones LLC raised its position in shares of Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after acquiring an additional 584 shares in the last quarter. Two Sigma Advisers LP bought a new position in shares of Shopify in the 4th quarter worth approximately $314,000. Integrated Advisors Network LLC raised its position in shares of Shopify by 4.2% in the 4th quarter. Integrated Advisors Network LLC now owns 11,308 shares of the software maker's stock worth $1,202,000 after acquiring an additional 458 shares in the last quarter. Capital A Wealth Management LLC bought a new position in shares of Shopify in the 4th quarter worth approximately $340,000. Finally, Brucke Financial Inc. bought a new position in shares of Shopify in the 4th quarter worth approximately $718,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Citigroup raised their price objective on Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the company a "neutral" rating in a research report on Wednesday, August 27th. CIBC raised their price objective on Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Finally, Atb Cap Markets lowered Shopify from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 6th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $151.69.

Shopify Price Performance

SHOP stock opened at $157.12 on Tuesday. The company has a market cap of $204.20 billion, a P/E ratio of 87.78, a price-to-earnings-growth ratio of 7.26 and a beta of 2.69. The stock's fifty day moving average price is $138.13 and its 200-day moving average price is $113.98. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $159.01.

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