Wallace Advisory Group LLC Sells 3,168 Shares of Shopify Inc. $SHOP

Wallace Advisory Group LLC reduced its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 23.7% during the third quarter, HoldingsChannel.com reports. The firm owned 10,211 shares of the software maker’s stock after selling 3,168 shares during the period. Shopify makes up 1.2% of Wallace Advisory Group LLC’s portfolio, making the stock its 18th biggest position. Wallace Advisory Group LLC’s holdings in Shopify were worth $1,517,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of SHOP. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Shopify by 171.3% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after buying an additional 267,271 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Shopify by 4.4% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after acquiring an additional 218,829 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Shopify by 9.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 400,389 shares of the software maker’s stock worth $46,185,000 after acquiring an additional 35,113 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Shopify by 2.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 2,622,495 shares of the software maker’s stock valued at $301,869,000 after acquiring an additional 67,260 shares in the last quarter. Finally, ARK Investment Management LLC raised its stake in shares of Shopify by 13.6% during the second quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock valued at $582,461,000 after acquiring an additional 605,283 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several research analyst reports. Barclays set a $140.00 price objective on Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Royal Bank Of Canada increased their price target on Shopify from $170.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. BNP Paribas Exane initiated coverage on Shopify in a research note on Monday, November 24th. They set a “neutral” rating on the stock. Benchmark restated a “buy” rating on shares of Shopify in a report on Wednesday, December 3rd. Finally, Zacks Research cut shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Twenty-two analysts have rated the stock with a Buy rating and twenty-three have given a Hold rating to the stock. According to data from MarketBeat, Shopify has an average rating of “Hold” and a consensus price target of $168.69.

Shopify Price Performance

Shares of SHOP stock opened at $169.45 on Friday. The stock’s 50-day moving average is $161.05 and its 200 day moving average is $143.32. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The company has a market cap of $220.60 billion, a P/E ratio of 125.52, a PEG ratio of 6.28 and a beta of 2.82.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.75 billion. On average, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Company Profile

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.