Wesbanco Bank Inc. Purchases 4,664 Shares of Shopify Inc. (NYSE:SHOP)

Wesbanco Bank Inc. lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 87,969 shares of the software maker’s stock after purchasing an additional 4,664 shares during the period. Wesbanco Bank Inc.’s holdings in Shopify were worth $8,399,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LRI Investments LLC raised its holdings in Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after purchasing an additional 79 shares in the last quarter. Tidemark LLC increased its holdings in Shopify by 3.6% in the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after buying an additional 90 shares in the last quarter. Howland Capital Management LLC boosted its position in Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its position in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Seven Mile Advisory lifted its position in shares of Shopify by 2.3% during the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker’s stock valued at $539,000 after buying an additional 114 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP stock opened at $111.41 on Monday. The stock’s 50-day simple moving average is $96.02 and its 200-day simple moving average is $105.05. The firm has a market capitalization of $144.26 billion, a PE ratio of 71.88, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SHOP. Barclays decreased their target price on Shopify from $100.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Friday, May 9th. Royal Bank of Canada reduced their price objective on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, April 17th. KeyCorp cut their target price on Shopify from $140.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Citigroup boosted their price objective on Shopify from $143.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 11th. Finally, BNP Paribas Exane cut Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price objective for the company. in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.11.

About Shopify

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.