Shopify Inc. $SHOP Stake Lessened by Watershed Private Wealth LLC

Watershed Private Wealth LLC cut its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 27.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,480 shares of the software maker’s stock after selling 3,650 shares during the quarter. Watershed Private Wealth LLC’s holdings in Shopify were worth $1,406,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Norris Financial Group LLC purchased a new position in Shopify in the first quarter worth approximately $1,586,000. Infusive Asset Management Inc. grew its holdings in Shopify by 27.4% during the 1st quarter. Infusive Asset Management Inc. now owns 43,611 shares of the software maker’s stock worth $5,173,000 after acquiring an additional 9,374 shares in the last quarter. OMERS ADMINISTRATION Corp grew its holdings in Shopify by 18.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 58,044 shares of the software maker’s stock worth $6,876,000 after acquiring an additional 9,096 shares in the last quarter. Ninepoint Partners LP acquired a new position in Shopify during the 2nd quarter worth approximately $29,027,000. Finally, The Manufacturers Life Insurance Company increased its position in shares of Shopify by 8.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock valued at $998,137,000 after purchasing an additional 660,198 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Down 8.7%

SHOP stock opened at $142.57 on Wednesday. The stock has a market cap of $183.44 billion, a P/E ratio of 96.33, a PEG ratio of 3.23 and a beta of 2.65. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 0.01. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $180.88. The company’s 50 day moving average is $152.77 and its two-hundred day moving average is $130.13.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.16. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business had revenue of $3.74 billion during the quarter. During the same quarter in the previous year, the company posted $0.34 EPS. The company’s quarterly revenue was up 31.6% on a year-over-year basis. Research analysts expect that Shopify Inc. will post 1.46 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SHOP. Wedbush restated an “outperform” rating and issued a $176.00 price objective on shares of Shopify in a report on Wednesday, September 23rd. Canaccord Genuity Group set a $180.00 price objective on shares of Shopify and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Oppenheimer reiterated an “outperform” rating and set a $205.00 target price (up from $175.00) on shares of Shopify in a research note on Friday, October 23rd. National Bank Financial reissued an “outperform” rating and issued a $180.00 target price (up from $155.00) on shares of Shopify in a report on Wednesday, August 5th. Finally, Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, August 17th. Three research analysts have rated the stock with a Strong Buy rating, thirty-six have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $177.92.

Key Stories Impacting Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Third-quarter revenue rose 32% to about $3.74 billion, while earnings of $0.49 per share beat estimates. Operating income also climbed 66%, and the company’s fourth-quarter outlook was described as upbeat. Why Shopify Stock Dove Today
• Positive Sentiment: Shopify highlighted continued AI-commerce momentum: traffic from AI sources increased 2.6 times, and Shop Pay gross merchandise volume rose 50%. Management said shopping through AI channels is growing quickly. Shopify Q3 Earnings Call Highlights
• Neutral Sentiment: The company reported $119.1 billion in gross merchandise volume, up 29% year over year. That reflects solid business growth, but fell just short of Wall Street’s roughly $120 billion estimate. Shopify falls after Q3 results
• Negative Sentiment: The slight GMV shortfall, alongside misses on revenue and subscription revenue versus some analyst estimates, appears to have outweighed the earnings beat. Investors also reacted to concerns about profitability and spending, including AI computing costs and infrastructure investment ahead of the holiday season. Shopify Stock Plunges As Q3 Gross Operating Profit, Revenue Miss

About Shopify

Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.

The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants’ own websites, mobile devices, social media and third-party marketplaces.

Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.