Icon Wealth Advisors LLC Has $5.42 Million Holdings in Shopify Inc. $SHOP

Icon Wealth Advisors LLC lessened its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.9% in the fourth quarter, Holdings Channel reports. The firm owned 33,695 shares of the software maker’s stock after selling 5,451 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Shopify were worth $5,424,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of SHOP. Kingdom Financial Group LLC. acquired a new position in Shopify during the fourth quarter worth about $26,000. Curio Wealth LLC acquired a new position in Shopify during the fourth quarter worth about $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Shopify during the fourth quarter worth about $29,000. Lodestone Wealth Management LLC acquired a new position in Shopify during the fourth quarter worth about $31,000. Finally, Sound Income Strategies LLC raised its stake in Shopify by 82.4% during the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock worth $31,000 after acquiring an additional 89 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several research analyst reports. DA Davidson lowered their target price on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. National Bank Financial lowered their target price on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Royal Bank Of Canada reissued an “outperform” rating and set a $170.00 target price on shares of Shopify in a research note on Wednesday, May 6th. Finally, Phillip Securities raised Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $157.17.

Shopify Stock Performance

NASDAQ:SHOP opened at $108.24 on Friday. The company has a market capitalization of $140.46 billion, a PE ratio of 107.17, a P/E/G ratio of 3.03 and a beta of 2.60. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The company has a 50 day simple moving average of $113.99 and a two-hundred day simple moving average of $131.61.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. The firm had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. Research analysts predict that Shopify Inc. will post 1.36 EPS for the current year.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.