Pinnacle Financial Partners Inc Raises Position in Shopify Inc. (NYSE:SHOP)

Pinnacle Financial Partners Inc lifted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 257.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,758 shares of the software maker’s stock after buying an additional 2,708 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Shopify were worth $301,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group raised its holdings in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the period. Cultivar Capital Inc. purchased a new stake in shares of Shopify in the second quarter worth approximately $33,000. Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify in the second quarter worth approximately $33,000. Rosenberg Matthew Hamilton raised its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Shopify in the second quarter worth approximately $39,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Price Performance

NYSE:SHOP opened at $109.08 on Friday. The firm’s fifty day moving average is $80.36 and its two-hundred day moving average is $70.50. The firm has a market cap of $140.76 billion, a price-to-earnings ratio of 101.94, a PEG ratio of 3.71 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10. Shopify Inc. has a one year low of $48.56 and a one year high of $115.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a return on equity of 11.60% and a net margin of 16.84%. Research analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday. JMP Securities increased their price objective on Shopify from $80.00 to $120.00 and gave the stock a “market outperform” rating in a research note on Wednesday. Royal Bank of Canada increased their price objective on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday. Barclays increased their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Citigroup increased their price objective on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $94.95.

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.