Independent Solutions Wealth Management LLC Sells 824 Shares of Shopify Inc. $SHOP

Independent Solutions Wealth Management LLC lowered its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,099 shares of the software maker’s stock after selling 824 shares during the period. Independent Solutions Wealth Management LLC’s holdings in Shopify were worth $4,510,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SHOP. Family Legacy Financial Solutions LLC bought a new stake in Shopify in the 2nd quarter valued at about $25,000. Coastline Trust Co acquired a new position in shares of Shopify in the 2nd quarter valued at approximately $29,000. Smithfield Trust Co raised its position in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after buying an additional 188 shares in the last quarter. Dagco Inc. acquired a new position in shares of Shopify in the 1st quarter valued at approximately $30,000. Finally, Global Wealth Strategies & Associates raised its position in shares of Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock valued at $30,000 after buying an additional 170 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SHOP shares. Phillip Securities cut shares of Shopify from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, August 12th. ATB Capital cut shares of Shopify to a “sector perform” rating in a research report on Thursday, August 7th. DA Davidson upped their price objective on shares of Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Royal Bank Of Canada upped their price target on shares of Shopify from $145.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Finally, National Bankshares upped their price target on shares of Shopify from $140.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $150.59.

Shopify Stock Performance

NASDAQ:SHOP opened at $164.50 on Tuesday. The firm’s fifty day moving average is $143.53 and its 200-day moving average is $117.76. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The firm has a market cap of $213.79 billion, a P/E ratio of 91.90, a P/E/G ratio of 7.64 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.06. The business 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%. Shopify’s revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.26 earnings per share. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share 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.