PNC Financial Services Group Inc. Raises Stock Holdings in Shopify Inc. $SHOP

PNC Financial Services Group Inc. grew its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 121,418 shares of the software maker’s stock after buying an additional 6,739 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Shopify were worth $14,006,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Nuveen LLC purchased a new stake in Shopify in the 1st quarter worth $667,392,000. Jennison Associates LLC increased its stake in shares of Shopify by 118.1% during the second quarter. Jennison Associates LLC now owns 11,519,610 shares of the software maker’s stock worth $1,328,787,000 after purchasing an additional 6,238,829 shares in the last quarter. ProShare Advisors LLC acquired a new position in shares of Shopify during the 2nd quarter worth about $191,369,000. Canada Pension Plan Investment Board raised its position in shares of Shopify by 34.4% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker’s stock worth $565,504,000 after purchasing an additional 1,522,573 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in Shopify by 19.7% in the 1st quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after buying an additional 1,426,406 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 0.2%

Shares of SHOP opened at $146.04 on Friday. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19. The stock has a fifty day simple moving average of $156.68 and a two-hundred day simple moving average of $132.28. The company has a market capitalization of $190.12 billion, a PE ratio of 108.18, a price-to-earnings-growth ratio of 5.39 and a beta of 2.73.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Shopify has set its Q4 2025 guidance at EPS. As a group, equities analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on SHOP shares. Zacks Research lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Atb Cap Markets cut Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 6th. Morgan Stanley reissued an “overweight” rating and issued a $192.00 price objective (up from $165.00) on shares of Shopify in a research note on Wednesday, November 5th. KeyCorp raised their price objective on Shopify from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, ATB Capital lowered shares of Shopify to a “sector perform” rating in a report on Thursday, August 7th. Twenty-two equities research analysts have rated the stock with a Buy rating and twenty-four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $163.89.

Shopify Company 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.