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Shopify's strong earnings and revenue growth led major investors to reduce their stakes in the company during Q2.
Ferguson Wellman Capital Management, Grove Bank & Trust, and MassMutual Private Wealth & Trust FSB reduced their stakes in Shopify Inc. during the second quarter, with the company reporting strong earnings, posting $0.35 EPS—surpassing estimates of $0.29—and a 31.1% revenue increase.
Shopify's shares were valued at $152.11 on Friday, with a market cap of $197.69 billion and an average analyst rating of "Moderate Buy" and a target price of $151.69.
The company, which operates globally, is projected to earn $1.12 per share in the current fiscal year.
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Las fuertes ganancias y el crecimiento de los ingresos de Shopify llevaron a los principales inversionistas a reducir sus participaciones en la compañía durante el segundo trimestre.