Private Trust Co. NA Cuts Stake in Shopify Inc. (NYSE:SHOP)

Private Trust Co. NA decreased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,671 shares of the software maker’s stock after selling 183 shares during the period. Private Trust Co. NA’s holdings in Shopify were worth $922,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. First Trust Direct Indexing L.P. boosted its position in Shopify by 10.6% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 15,825 shares of the software maker’s stock valued at $1,268,000 after buying an additional 1,520 shares during the period. Cornerstone Wealth Group LLC boosted its position in Shopify by 8.9% during the 3rd quarter. Cornerstone Wealth Group LLC now owns 4,098 shares of the software maker’s stock valued at $328,000 after buying an additional 336 shares during the period. HM Payson & Co. boosted its position in Shopify by 37.2% during the 3rd quarter. HM Payson & Co. now owns 686 shares of the software maker’s stock valued at $55,000 after buying an additional 186 shares during the period. US Bancorp DE boosted its position in Shopify by 4.3% during the 3rd quarter. US Bancorp DE now owns 66,992 shares of the software maker’s stock valued at $5,369,000 after buying an additional 2,776 shares during the period. Finally, Rosenberg Matthew Hamilton boosted its position in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 1.0 %

Shares of NYSE SHOP opened at $111.97 on Friday. The firm’s 50-day moving average price is $112.88 and its 200-day moving average price is $96.75. The company has a market cap of $144.98 billion, a PE ratio of 72.24, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the subject of several analyst reports. Truist Financial increased their price target on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Robert W. Baird increased their price target on shares of Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. upped their price objective on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. CIBC upped their price objective on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Citigroup upped their price objective on shares of Shopify from $143.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 11th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

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.