Shopify Inc. $SHOP Stock Position Trimmed by Beacon Capital Management LLC

Beacon Capital Management LLC cut its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.3% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,096 shares of the software maker’s stock after selling 173 shares during the quarter. Beacon Capital Management LLC’s holdings in Shopify were worth $357,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Worth Asset Management LLC bought a new stake in Shopify in the 2nd quarter valued at about $236,000. Integrity Alliance LLC. bought a new stake in Shopify in the 1st quarter valued at about $211,000. Jacobs & Co. CA bought a new stake in Shopify in the 2nd quarter valued at about $285,000. Focus Partners Wealth grew its position in Shopify by 7.4% in the 1st quarter. Focus Partners Wealth now owns 288,722 shares of the software maker’s stock valued at $27,567,000 after buying an additional 19,908 shares in the last quarter. Finally, Ascent Group LLC bought a new position in Shopify in the 1st quarter valued at about $513,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on SHOP. Canaccord Genuity Group boosted their price target on shares of Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. JMP Securities boosted their price target on shares of Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 7th. Benchmark restated a “buy” rating and set a $140.00 price target (up from $125.00) on shares of Shopify in a research report on Tuesday, August 5th. UBS Group boosted their price target on shares of Shopify from $110.00 to $145.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Finally, DA Davidson boosted their price target 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. Twenty-three research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $151.69.

Shopify Price Performance

Shares of SHOP stock opened at $140.25 on Friday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $159.01. The stock’s 50-day moving average is $140.00 and its two-hundred day moving average is $115.28. The firm has a market cap of $182.28 billion, a P/E ratio of 78.35, a PEG ratio of 6.65 and a beta of 2.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the firm earned $0.26 earnings per share. The business’s quarterly revenue was up 31.1% compared to the same quarter last year. As a group, research analysts expect that Shopify Inc. will post 1.12 EPS for the current 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.