Shopify Inc. (NYSE:SHOP) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 91,489 shares of the software maker’s stock after selling 1,618 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Shopify were worth $9,728,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. QRG Capital Management Inc. acquired a new stake in shares of Shopify in the third quarter valued at about $227,000. CWA Asset Management Group LLC acquired a new stake in shares of Shopify in the third quarter valued at about $331,000. Assetmark Inc. grew its position in shares of Shopify by 6.6% in the third quarter. Assetmark Inc. now owns 71,120 shares of the software maker’s stock valued at $5,700,000 after purchasing an additional 4,392 shares during the period. Axxcess Wealth Management LLC grew its position in shares of Shopify by 29.9% in the third quarter. Axxcess Wealth Management LLC now owns 16,197 shares of the software maker’s stock valued at $1,298,000 after purchasing an additional 3,728 shares during the period. Finally, Legacy Capital Wealth Partners LLC acquired a new stake in shares of Shopify in the third quarter valued at about $260,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP opened at $92.79 on Wednesday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The stock has a market cap of $120.15 billion, a PE ratio of 59.86, a P/E/G ratio of 4.82 and a beta of 2.60. The firm has a 50-day simple moving average of $111.70 and a two-hundred day simple moving average of $98.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, sell-side analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Scotiabank lifted their target price on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. Citigroup lifted their target price on shares of Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, February 11th. New Street Research initiated coverage on shares of Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, The Goldman Sachs Group raised their price target on shares of Shopify from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

Shopify Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.