Simplicity Wealth LLC Sells 11,177 Shares of Shopify Inc. $SHOP

Simplicity Wealth LLC trimmed its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 41.0% in the second quarter, Holdings Channel reports. The fund owned 16,087 shares of the software maker’s stock after selling 11,177 shares during the quarter. Simplicity Wealth LLC’s holdings in Shopify were worth $1,856,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after buying an additional 267,271 shares during the period. Worth Asset Management LLC acquired a new position in Shopify in the 2nd quarter valued at approximately $236,000. Avior Wealth Management LLC raised its stake in shares of Shopify by 32.6% during the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock valued at $1,570,000 after acquiring an additional 3,347 shares during the last quarter. Integrity Alliance LLC. bought a new position in Shopify during the 1st quarter worth $211,000. Finally, Jacobs & Co. CA acquired a new position in shares of Shopify in the second quarter worth approximately $285,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 6.5%

SHOP opened at $161.14 on Monday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $162.60. The stock has a market cap of $209.43 billion, a PE ratio of 90.02, a PEG ratio of 7.64 and a beta of 2.72. The business has a 50 day moving average of $142.78 and a 200-day moving average of $117.34.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business 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 earned $0.26 earnings per share. The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. Equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

SHOP has been the topic of several research analyst reports. DA Davidson upped their target price on Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Canaccord Genuity Group increased their price target on Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Mizuho boosted their price target on shares of Shopify from $85.00 to $150.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Loop Capital cut Shopify from a “buy” rating to a “hold” rating and set a $120.00 price objective on the stock. in a research note on Tuesday, July 22nd. Finally, Scotiabank reiterated a “sector perform” rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $150.59.

About Shopify

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.