Woodstock Corp Sells 3,315 Shares of Shopify Inc. $SHOP

Key Points

• Woodstock Corp reduced its stake in Shopify Inc. by 28.1%, selling 3,315 shares and now owning 8,475 shares valued at approximately $978,000.
• Shopify's recent quarterly earnings showed a 31.1% year-over-year revenue increase to $2.68 billion, along with an EPS of $0.35, outperforming analyst estimates.
• Several analysts have revised their price targets for Shopify, with JPMorgan increasing it to $179.00 and JMP Securities raising it to $185.00, reflecting a consensus rating of "Moderate Buy" among analysts.

Woodstock Corp decreased its holdings in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 28.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,475 shares of the software maker's stock after selling 3,315 shares during the period. Woodstock Corp's holdings in Shopify were worth $978,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Fourth Dimension Wealth LLC bought a new position in Shopify in the fourth quarter worth approximately $30,000. Smithfield Trust Co grew 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 during the last quarter. Dagco Inc. purchased a new position in Shopify in the first quarter worth $30,000. Global Wealth Strategies & Associates grew its holdings in Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after purchasing an additional 170 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its holdings in Shopify by 86.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock worth $34,000 after purchasing an additional 165 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shares of SHOP opened at $147.89 on Tuesday. The firm has a market capitalization of $192.21 billion, a PE ratio of 82.62, a price-to-earnings-growth ratio of 6.79 and a beta of 2.69. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $156.85. The company's fifty day moving average price is $134.39 and its 200-day moving average price is $112.29.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the company earned $0.26 earnings per share. The firm's revenue was up 31.1% on a year-over-year basis. As a group, research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on SHOP. Atb Cap Markets lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. lifted their price target on shares of Shopify from $115.00 to $179.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. JMP Securities lifted their price target on shares of Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a report on Thursday, August 7th. Scotiabank reaffirmed a "sector perform" rating and issued a $150.00 price target (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Finally, Loop Capital lowered shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a report on Tuesday, July 22nd. Twenty-four analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $150.27.

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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