CNB Bank Sells 349 Shares of Shopify Inc. $SHOP

CNB Bank cut its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,982 shares of the software maker’s stock after selling 349 shares during the quarter. CNB Bank’s holdings in Shopify were worth $805,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify during the 2nd quarter valued at $25,000. Tradewinds Capital Management LLC lifted its holdings in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after buying an additional 100 shares during the period. Coastline Trust Co bought a new position in shares of Shopify during the 2nd quarter valued at $29,000. Smithfield Trust Co lifted its holdings in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after buying an additional 188 shares during the period. Finally, Dagco Inc. bought a new position in shares of Shopify during the 1st quarter valued at $30,000. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Cantor Fitzgerald set a $156.00 price target on Shopify and gave the company a “neutral” rating in a report on Wednesday, August 27th. The Goldman Sachs Group lifted their target price on Shopify from $120.00 to $176.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Robert W. Baird lifted their price objective on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Phillip Securities downgraded shares of Shopify from a “moderate buy” rating to a “hold” rating in a report on Tuesday, August 12th. Finally, KeyCorp reissued an “overweight” rating and issued a $175.00 price objective (up from $145.00) on shares of Shopify in a research note on Thursday, August 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $153.30.

Shopify Stock Performance

SHOP opened at $172.95 on Friday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $174.74. The firm’s fifty day moving average is $149.93 and its 200 day moving average is $123.84. The stock has a market cap of $224.78 billion, a price-to-earnings ratio of 96.62, a price-to-earnings-growth ratio of 7.82 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.26 EPS. On average, equities research analysts predict that Shopify Inc. will post 1.12 earnings per share for the current year.

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.