BXM Wealth LLC Sells 7,934 Shares of Shopify Inc. $SHOP

BXM Wealth LLC lessened its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 78.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in SHOP. Vanguard Group Inc. lifted its position in Shopify by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock valued at $8,158,643,000 after buying an additional 743,803 shares during the period. Norges Bank purchased a new stake in shares of Shopify in the 4th quarter worth about $2,611,797,000. Invesco Ltd. grew its position in shares of Shopify by 9.8% in the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock worth $2,257,796,000 after buying an additional 1,252,074 shares during the period. Geode Capital Management LLC grew its position in shares of Shopify by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after buying an additional 737,892 shares during the period. Finally, Mackenzie Financial Corp increased its stake in shares of Shopify by 9.1% in the 4th quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock worth $1,627,352,000 after acquiring an additional 827,643 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SHOP shares. Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 6th. UBS Group restated a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. BMO Capital Markets decreased their target price on shares of Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday, May 6th. Needham & Company LLC reiterated a “buy” rating and set a $180.00 target price on shares of Shopify in a report on Tuesday, May 5th. Finally, DA Davidson dropped their price target on Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $157.17.

Shopify Stock Performance

Shares of SHOP stock opened at $114.21 on Tuesday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The company’s 50-day moving average is $112.42 and its 200 day moving average is $127.79. The company has a market capitalization of $148.21 billion, a price-to-earnings ratio of 113.08, a price-to-earnings-growth ratio of 3.21 and a beta of 2.60.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $998.78. The business 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%. As a group, research analysts predict that Shopify Inc. will post 1.39 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.