Knollwood Investment Advisory LLC Sells 9,686 Shares of Shopify Inc. $SHOP

Knollwood Investment Advisory LLC lowered its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 47.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,930 shares of the software maker’s stock after selling 9,686 shares during the period. Knollwood Investment Advisory LLC’s holdings in Shopify were worth $1,759,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Kingdom Financial Group LLC. purchased a new position in Shopify during the fourth quarter valued at $26,000. Curio Wealth LLC purchased a new position in Shopify during the fourth quarter valued at $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Shopify during the fourth quarter valued at $29,000. Lodestone Wealth Management LLC purchased a new position in Shopify during the fourth quarter valued at $31,000. Finally, Sound Income Strategies LLC lifted its position in Shopify by 82.4% during the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after buying an additional 89 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NASDAQ:SHOP opened at $108.24 on Friday. Shopify Inc. has a fifty-two week low of $94.00 and a fifty-two week high of $182.19. The business has a 50-day simple moving average of $113.99 and a two-hundred day simple moving average of $131.61. The firm has a market cap of $140.46 billion, a price-to-earnings ratio of 107.17, a price-to-earnings-growth ratio of 3.03 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 for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. Shopify had a return on equity of 12.07% and a net margin of 10.77%.The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $3.08 billion. As a group, research analysts predict that Shopify Inc. will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent research reports. Truist Financial set a $150.00 price objective on Shopify and gave the company a “buy” rating in a research report on Tuesday, February 17th. Canaccord Genuity Group lowered their price objective on Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Wells Fargo & Company lowered their price objective on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Piper Sandler reissued an “overweight” rating and set a $150.00 price objective (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Finally, UBS Group reissued a “neutral” rating on shares of Shopify in a research report on Thursday, May 28th. Two investment 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify 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.