Kingswood Wealth Advisors LLC Has $758,000 Stake in Shopify Inc. $SHOP

Kingswood Wealth Advisors LLC trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 21.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,572 shares of the software maker’s stock after selling 1,826 shares during the quarter. Kingswood Wealth Advisors LLC’s holdings in Shopify were worth $758,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nuveen LLC acquired a new position in shares of Shopify during the 1st quarter worth about $667,392,000. Jennison Associates LLC lifted its position in shares of Shopify by 324.3% during the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker’s stock worth $504,209,000 after purchasing an additional 4,036,326 shares during the last quarter. Canada Pension Plan Investment Board lifted its position 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 purchasing an additional 1,522,573 shares during the last quarter. Mackenzie Financial Corp lifted its position 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 purchasing an additional 1,426,406 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Shopify by 24.6% during the 1st quarter. Alliancebernstein L.P. now owns 5,554,420 shares of the software maker’s stock worth $530,336,000 after purchasing an additional 1,094,840 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Up 3.2%

Shares of SHOP opened at $166.43 on Thursday. The stock has a market cap of $216.30 billion, a price-to-earnings ratio of 92.98, a P/E/G ratio of 7.55 and a beta of 2.72. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $169.69. The company has a 50-day moving average price of $145.13 and a two-hundred day moving average price of $118.40.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced 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. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the company earned $0.26 earnings per share. The company’s revenue for the quarter was up 31.1% compared to the same quarter last year. Equities research analysts expect that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SHOP shares. Cantor Fitzgerald set a $156.00 price objective on Shopify and gave the stock a “neutral” rating in a research report on Wednesday, August 27th. Arete Research upgraded shares of Shopify to a “hold” rating in a research note on Wednesday, July 23rd. Phillip Securities cut shares of Shopify from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, August 12th. KeyCorp reiterated an “overweight” rating and issued a $175.00 target price (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, UBS Group increased their target price on shares of Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $151.95.

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.