Shopify Inc. $SHOP Shares Sold by DMC Group LLC

DMC Group LLC lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 14.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,203 shares of the software maker’s stock after selling 1,714 shares during the quarter. Shopify makes up about 0.9% of DMC Group LLC’s portfolio, making the stock its 29th biggest holding. DMC Group LLC’s holdings in Shopify were worth $1,177,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Shopify by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after acquiring an additional 882,168 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Shopify by 19.7% during the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock worth $822,745,000 after acquiring an additional 1,426,406 shares during the period. Nuveen LLC purchased a new position in shares of Shopify during the 1st quarter worth $667,392,000. Canada Pension Plan Investment Board raised its holdings in shares of Shopify by 34.4% during 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 acquiring an additional 1,522,573 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings 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 valued at $539,382,000 after buying an additional 979,598 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SHOP. BMO Capital Markets boosted their price objective on shares of Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Oppenheimer restated an “outperform” rating and issued a $149.00 price objective on shares of Shopify in a report on Tuesday, September 30th. ATB Capital lowered shares of Shopify to a “sector perform” rating in a report on Thursday, August 7th. Zacks Research upgraded shares of Shopify to a “hold” rating in a report on Tuesday, August 12th. Finally, Scotiabank restated a “sector perform” rating and issued a $150.00 price objective (up from $115.00) on shares of Shopify in a report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $151.95.

Shopify Stock Performance

Shares of Shopify stock opened at $161.28 on Wednesday. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The company has a market cap of $209.61 billion, a PE ratio of 90.10, a P/E/G ratio of 7.70 and a beta of 2.72. The business has a 50-day simple moving average of $144.26 and a 200-day simple moving average of $118.06.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 earnings per share. On average, sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.