Icon Wealth Advisors LLC Sells 5,451 Shares of Shopify Inc. $SHOP

Icon Wealth Advisors LLC cut its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,695 shares of the software maker’s stock after selling 5,451 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Shopify were worth $5,424,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kingdom Financial Group LLC. bought a new position in shares of Shopify in the fourth quarter valued at $26,000. Curio Wealth LLC bought a new position in shares of Shopify in the fourth quarter valued at $27,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in Shopify during the fourth quarter worth $29,000. Lloyd Advisory Services LLC. bought a new position in Shopify during the fourth quarter worth $31,000. Finally, Lodestone Wealth Management LLC bought a new position in Shopify during the fourth quarter worth $31,000. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on SHOP. DA Davidson reduced their price objective on shares of Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Barclays set a $126.00 price objective on shares of Shopify and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. UBS Group reaffirmed a “neutral” rating on shares of Shopify in a research report on Thursday, May 28th. National Bank Financial reduced their price objective on shares of Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $180.00 price objective on shares of Shopify in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

Shopify Stock Performance

Shares of Shopify stock opened at $108.24 on Friday. The firm has a 50-day moving average of $113.99 and a 200-day moving average of $131.61. The stock has a market cap of $140.46 billion, a PE ratio of 107.17, a PEG ratio of 3.03 and a beta of 2.60. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. The company had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Shopify had a net margin of 10.77% and a return on equity of 12.07%. Equities research analysts predict that Shopify Inc. will post 1.36 earnings per share for the current fiscal year.

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.