GWN Securities Inc. has significantly reduced its stake in Shopify Inc. (NASDAQ: SHOP, TSE: SHOP), according to its latest 13F filing with the SEC. The firm decreased its holdings by 57.6% during the second quarter, owning just 1,774 shares of the software maker after selling off 2,409 shares. At the end of the reporting period, GWN Securities’ investment in Shopify was valued at approximately $205,000.
Several other hedge funds have also made notable adjustments to their positions in Shopify. Vanguard Group Inc. raised its stake by 1.9% in the first quarter, amassing 47,962,280 shares worth around $4.56 billion after acquiring an additional 882,168 shares. Mackenzie Financial Corp. increased its holdings by 19.7%, now owning 8,648,734 shares valued at $822.7 million following a purchase of 1,426,406 shares. Meanwhile, Nuveen LLC initiated a new position in Shopify estimated at $667.4 million, and Canada Pension Plan Investment Board boosted its stake by 34.4%, totaling 5,943,409 shares estimated at $565.5 million after adding 1,522,573 shares. Massachusetts Financial Services Co. MA also increased its position by 21.0%, now holding 5,649,162 shares worth $539.4 million. Overall, institutional investors own approximately 69.27% of Shopify’s stock.
On Wall Street, analysts have weighed in on Shopify’s performance, with Barclays raising its target price from $94.00 to $120.00, maintaining an “equal weight” rating. Citigroup increased its price target from $155.00 to $195.00, assigning a “buy” rating. UBS Group also revised its target, going from $110.00 to $145.00 with a “neutral” rating. Additionally, Evercore ISI and The Goldman Sachs Group adjusted their targets to $170.00 and $176.00, respectively, with each giving a “buy” rating. Overall, the consensus among analysts is a “Moderate Buy” with an average target price of $155.35.
Currently trading at $173.61, Shopify’s stock has seen a twelve-month range from a low of $69.84 to a high of $182.19. With a market capitalization of $225.63 billion and a price-to-earnings ratio of 96.99, the company is significant in the market landscape.
Shopify recently reported its quarterly earnings, revealing earnings per share of $0.35, surpassing the consensus estimate of $0.29. The company generated $2.68 billion in revenue for the quarter, outpacing analysts’ expectations of $2.55 billion, marking a 31.1% increase year-over-year. Analysts anticipate Shopify will achieve 1.12 earnings per share for the current fiscal year.
Shopify continues to strengthen its position as a leading commerce platform, providing services to merchants across various global regions. Its platform supports numerous sales channels, including online storefronts, physical retail, and social media outlets, equipping businesses to efficiently manage their operations and customer relationships.
This series of developments reflects Shopify’s robust performance and the confidence that many institutional investors maintain in its future growth prospects.