TD Private Client Wealth LLC Lowers Stock Position in Shopify Inc. $SHOP

Key Points

• TD Private Client Wealth LLC reduced its stake in Shopify Inc. by 71.3%, holding only 5,000 shares worth approximately $577,000 after selling over 12,000 shares in the second quarter.
• Several large investors, including Vanguard Group Inc. and Mackenzie Financial Corp., have increased their holdings in Shopify, indicating ongoing institutional interest in the company.
• Shopify recently reported better-than-expected quarterly earnings, with a revenue of $2.68 billion, surpassing analyst estimates, and an EPS of $0.35, above the consensus of $0.29.

TD Private Client Wealth LLC trimmed its position in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 71.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,000 shares of the software maker's stock after selling 12,392 shares during the quarter. TD Private Client Wealth LLC's holdings in Shopify were worth $577,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Shopify by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock worth $4,563,106,000 after buying an additional 882,168 shares during the period. Mackenzie Financial Corp grew its position in shares of Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock worth $822,745,000 after purchasing an additional 1,426,406 shares in the last quarter. Nuveen LLC bought a new stake in Shopify during the 1st quarter valued at approximately $667,392,000. Canada Pension Plan Investment Board lifted its holdings in Shopify by 34.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock worth $565,504,000 after purchasing an additional 1,522,573 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Shopify by 21.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock worth $539,382,000 after purchasing an additional 979,598 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of Shopify from $85.00 to $150.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. National Bankshares lifted their price target on shares of Shopify from $140.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Oppenheimer increased their price objective on shares of Shopify from $145.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Evercore ISI raised their price objective on Shopify from $120.00 to $170.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, Loop Capital downgraded Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price on the stock. in a research report on Tuesday, July 22nd. Twenty-three research analysts have rated the stock with a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $151.69.

Shopify Stock Performance

NASDAQ SHOP opened at $140.25 on Friday. The company has a market cap of $182.28 billion, a P/E ratio of 78.35, a P/E/G ratio of 6.65 and a beta of 2.69. The business's 50 day moving average price is $140.00 and its 200-day moving average price is $115.28. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $159.01.

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

Shopify Company 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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