Correct Capital Wealth Management Decreases Stock Holdings in Shopify Inc. $SHOP

Correct Capital Wealth Management lowered its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 29.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,557 shares of the software maker’s stock after selling 2,719 shares during the period. Correct Capital Wealth Management’s holdings in Shopify were worth $756,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SHOP. Nuveen LLC purchased a new position in shares of Shopify during the 1st quarter worth approximately $667,392,000. Jennison Associates LLC grew its position in shares of Shopify by 118.1% in the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock valued at $1,328,787,000 after purchasing an additional 6,238,829 shares during the period. Geode Capital Management LLC increased its stake in shares of Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after acquiring an additional 1,781,530 shares during the last quarter. Picton Mahoney Asset Management increased its position in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock worth $202,146,000 after purchasing an additional 1,759,003 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Shopify during the 2nd quarter worth $191,369,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SHOP. Atb Cap Markets lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 6th. Royal Bank Of Canada boosted their price target on Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Oppenheimer reaffirmed an “outperform” rating and issued a $200.00 price target (up from $180.00) on shares of Shopify in a report on Tuesday, October 28th. JMP Securities increased their target price on Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus set a $175.00 price target on shares of Shopify in a report on Tuesday, November 4th. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Shopify presently has an average rating of “Hold” and a consensus target price of $165.69.

Shopify Stock Performance

Shares of SHOP stock opened at $157.37 on Wednesday. The business’s fifty day moving average is $157.00 and its 200-day moving average is $135.09. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The stock has a market cap of $204.87 billion, a PE ratio of 116.57, a price-to-earnings-growth ratio of 5.74 and a beta of 2.73.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.75 billion. Shopify has set its Q4 2025 guidance at EPS. Equities research analysts predict that Shopify Inc. will post 1.12 earnings per share 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.