Uhlmann Price Securities LLC Lowers Stock Position in Shopify Inc. $SHOP

Key Points

• Uhlmann Price Securities LLC has decreased its stake in Shopify Inc. by 11.9%, now holding 16,233 shares valued at approximately $1.87 million.
• Shopify reported a quarterly earnings per share (EPS) of $0.35, exceeding analysts' estimates of $0.29, while its revenue increased by 31.1% year-over-year to $2.68 billion.
• Analysts have upgraded Shopify's target prices, with estimates ranging from $145.00 to $185.00, and the stock currently holds a consensus rating of "Moderate Buy" according to MarketBeat.

Uhlmann Price Securities LLC cut its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 11.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,233 shares of the software maker's stock after selling 2,201 shares during the period. Shopify accounts for about 1.3% of Uhlmann Price Securities LLC's holdings, making the stock its 13th biggest position. Uhlmann Price Securities LLC's holdings in Shopify were worth $1,872,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Salomon & Ludwin LLC grew its position in Shopify by 1,875.0% in the 2nd quarter. Salomon & Ludwin LLC now owns 316 shares of the software maker's stock valued at $36,000 after buying an additional 300 shares during the last quarter. Goldstein Advisors LLC purchased a new stake in shares of Shopify during the 2nd quarter worth $314,000. International Assets Investment Management LLC boosted its position in shares of Shopify by 4.8% during the 2nd quarter. International Assets Investment Management LLC now owns 14,682 shares of the software maker's stock worth $1,694,000 after purchasing an additional 671 shares in the last quarter. Woodard & Co. Asset Management Group Inc. ADV boosted its position in shares of Shopify by 1.6% during the 2nd quarter. Woodard & Co. Asset Management Group Inc. ADV now owns 7,831 shares of the software maker's stock worth $903,000 after purchasing an additional 123 shares in the last quarter. Finally, Koshinski Asset Management Inc. boosted its position in shares of Shopify by 14.8% during the 2nd quarter. Koshinski Asset Management Inc. now owns 2,600 shares of the software maker's stock worth $300,000 after purchasing an additional 335 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Up 0.8%

Shares of SHOP stock opened at $157.76 on Monday. The firm has a 50-day moving average price of $148.00 and a 200 day moving average price of $121.40. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $169.69. The company has a market capitalization of $205.03 billion, a price-to-earnings ratio of 88.13, a PEG ratio of 7.39 and a beta of 2.72.

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, beating analysts' consensus estimates 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 the consensus estimate of $2.55 billion. During the same quarter in the prior year, the company posted $0.26 EPS. The company's quarterly revenue was up 31.1% compared to the same quarter last year. As a group, research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

SHOP has been the topic of several research analyst reports. UBS Group boosted their target price on shares of Shopify from $110.00 to $145.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. KeyCorp restated an "overweight" rating and set a $175.00 target price (up from $145.00) on shares of Shopify in a research report on Thursday, August 7th. Canaccord Genuity Group lifted their price target on Shopify from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Bank of America lifted their price target on Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, TD Cowen reaffirmed a "hold" rating and set a $156.00 price target on shares of Shopify in a research note on Friday, October 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $152.76.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.