Shopify Inc. $SHOP Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 376,882 shares of the software maker’s stock after selling 8,619 shares during the quarter. Truist Financial Corp’s holdings in Shopify were worth $56,008,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Shopify during the 2nd quarter worth approximately $1,794,952,000. Jennison Associates LLC lifted its stake in shares of Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after purchasing an additional 7,403,821 shares during the period. Brown Advisory Inc. boosted its holdings in Shopify by 5,193.6% during the second quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock worth $238,419,000 after buying an additional 2,027,839 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Shopify by 19.9% during the second quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock worth $1,247,007,000 after buying an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management grew its position in Shopify by 246,359.0% during the second quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after buying an additional 1,759,003 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SHOP. Truist Financial set a $155.00 price objective on shares of Shopify and gave the stock a “hold” rating in a research report on Tuesday, November 4th. CIBC restated an “outperform” rating on shares of Shopify in a research note on Wednesday, November 5th. Bank of America upped their price target on Shopify from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. DA Davidson raised their price objective on Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, BNP Paribas Exane initiated coverage on Shopify in a research report on Monday, November 24th. They issued a “neutral” rating for the company. Twenty-four analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $171.61.

Shopify Trading Up 1.0%

SHOP stock opened at $138.92 on Thursday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The business’s 50-day moving average is $158.72 and its 200 day moving average is $151.01. The stock has a market cap of $180.85 billion, a price-to-earnings ratio of 102.90, a PEG ratio of 4.06 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its 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. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. As a group, equities analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.