Wedmont Private Capital Sells 677 Shares of Shopify Inc. $SHOP

Wedmont Private Capital lessened its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 24.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,096 shares of the software maker’s stock after selling 677 shares during the period. Wedmont Private Capital’s holdings in Shopify were worth $240,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Global Wealth Strategies & Associates increased its stake in Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock valued at $30,000 after purchasing an additional 170 shares in the last quarter. Fourth Dimension Wealth LLC bought a new stake in Shopify in the fourth quarter valued at $30,000. Smithfield Trust Co increased its stake in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after purchasing an additional 188 shares in the last quarter. Dagco Inc. bought a new stake in Shopify in the first quarter valued at $30,000. Finally, Cary Street Partners Investment Advisory LLC increased its stake 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 valued at $34,000 after purchasing an additional 165 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on SHOP. CIBC lifted their price target on shares of Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Canaccord Genuity Group lifted their price objective on shares of Shopify from $115.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, August 7th. DA Davidson lifted their price objective on shares of Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 7th. The Goldman Sachs Group lifted their price objective on shares of Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Finally, Citigroup lifted their price objective on shares of Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a report on Friday, August 8th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $151.69.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $153.30 on Monday. The company’s fifty day moving average price is $137.32 and its 200-day moving average price is $113.58. The firm has a market capitalization of $199.24 billion, a price-to-earnings ratio of 85.64, a PEG ratio of 7.26 and a beta of 2.69. Shopify Inc. has a one year low of $69.84 and a one year high of $156.85.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.26 EPS. As a group, equities research analysts expect 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.