BXM Wealth LLC Reduces Position in Shopify Inc. $SHOP

BXM Wealth LLC trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 78.4% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 2,190 shares of the software maker’s stock after selling 7,934 shares during the quarter. BXM Wealth LLC’s holdings in Shopify were worth $260,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Kingdom Financial Group LLC. bought a new position in Shopify during the 4th quarter valued at about $26,000. Curio Wealth LLC bought a new stake in shares of Shopify in the fourth quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Shopify during the fourth quarter valued at approximately $29,000. Lloyd Advisory Services LLC. purchased a new position in shares of Shopify during the fourth quarter valued at approximately $31,000. Finally, Lodestone Wealth Management LLC bought a new position in Shopify during the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 2.3%

Shares of SHOP stock opened at $114.21 on Tuesday. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The stock has a market cap of $148.21 billion, a P/E ratio of 113.08, a P/E/G ratio of 3.21 and a beta of 2.60. The company has a 50 day simple moving average of $112.42 and a two-hundred day simple moving average of $127.79.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping the consensus estimate of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. As a group, equities analysts forecast that Shopify Inc. will post 1.39 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on SHOP. Wells Fargo & Company dropped their target price on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a report on Wednesday, May 6th. National Bank Financial lowered their price target on Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a report on Wednesday, May 27th. Barclays set a $126.00 price target on Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 price objective on shares of Shopify in a report on Tuesday, May 5th. Finally, Piper Sandler reiterated an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $157.17.

About Shopify

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.