Shopify Inc. (NYSE:SHOP) Shares Sold by M&T Bank Corp

M&T Bank Corp reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,752 shares of the software maker’s stock after selling 170 shares during the period. M&T Bank Corp’s holdings in Shopify were worth $9,865,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SHOP. ARK Investment Management LLC grew its holdings in Shopify by 123.1% during the 1st quarter. ARK Investment Management LLC now owns 1,073,523 shares of the software maker’s stock worth $1,187,853,000 after acquiring an additional 592,422 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Shopify by 207.9% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 479,000 shares of the software maker’s stock valued at $528,766,000 after buying an additional 323,433 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Shopify by 101.1% in the 2nd quarter. SG Americas Securities LLC now owns 2,919 shares of the software maker’s stock valued at $4,265,000 after buying an additional 271,700 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Shopify by 803.0% in the 1st quarter. Janus Henderson Group PLC now owns 212,258 shares of the software maker’s stock valued at $234,865,000 after buying an additional 188,753 shares during the period. Finally, Jarislowsky Fraser Ltd boosted its holdings in shares of Shopify by 38.8% in the 2nd quarter. Jarislowsky Fraser Ltd now owns 594,140 shares of the software maker’s stock valued at $869,817,000 after buying an additional 165,942 shares during the period. 60.06% of the stock is owned by institutional investors.

SHOP stock opened at $1,487.47 on Thursday. The company has a 50 day moving average of $1,458.68 and a two-hundred day moving average of $1,368.36. The company has a market cap of $185.58 billion, a price-to-earnings ratio of 76.79, a PEG ratio of 13.58 and a beta of 1.45. Shopify Inc. has a 12-month low of $875.00 and a 12-month high of $1,650.00. The company has a quick ratio of 16.55, a current ratio of 16.55 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, July 28th. The software maker reported $2.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $2.01. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.04 billion. Shopify had a net margin of 63.65% and a return on equity of 7.15%. On average, research analysts anticipate that Shopify Inc. will post 3.95 EPS for the current year.

Several analysts recently weighed in on the stock. TD Securities assumed coverage on shares of Shopify in a research report on Thursday, October 14th. They issued a “hold” rating on the stock. Mizuho lifted their price objective on shares of Shopify from $1,300.00 to $1,500.00 and gave the company a “neutral” rating in a research report on Thursday, July 29th. They noted that the move was a valuation call. Wedbush lifted their price objective on shares of Shopify from $1,650.00 to $1,800.00 and gave the company an “outperform” rating in a research report on Thursday, July 29th. National Bankshares boosted their price target on shares of Shopify from $1,650.00 to $2,000.00 and gave the stock an “outperform” rating in a research report on Friday, July 16th. Finally, Oppenheimer boosted their price target on shares of Shopify from $1,500.00 to $1,700.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 28th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $1,635.59.

About Shopify

Shopify, Inc operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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