CNB Bank Decreases Holdings in Shopify Inc. $SHOP

CNB Bank trimmed its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.8% during the 2nd quarter, HoldingsChannel.com reports. The firm 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.

Other hedge funds have also added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. grew its stake in Shopify by 4.4% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after acquiring an additional 218,829 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Shopify by 171.3% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after buying an additional 267,271 shares during the last quarter. ARK Investment Management LLC raised its holdings in shares of Shopify by 13.6% in the second quarter. ARK Investment Management LLC now owns 5,049,508 shares of the software maker’s stock worth $582,461,000 after buying an additional 605,283 shares during the last quarter. Worth Asset Management LLC acquired a new stake in shares of Shopify in the second quarter worth $236,000. Finally, Avior Wealth Management LLC increased its stake in shares of Shopify by 32.6% in the second quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock worth $1,570,000 after acquiring an additional 3,347 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SHOP. Citigroup raised their price target on shares of Shopify from $155.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Phillip Securities downgraded shares of Shopify from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, August 12th. Needham & Company LLC began coverage on shares of Shopify in a report on Monday, July 14th. They set a “buy” rating and a $135.00 price target for the company. Barclays boosted their price target on shares of Shopify from $94.00 to $120.00 and gave the company an “equal weight” rating in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group upped their target price on shares of Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. One equities 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 given 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 stock opened at $172.95 on Friday. Shopify Inc. has a one year low of $69.84 and a one year high of $174.74. The stock has a market capitalization of $224.78 billion, a PE ratio of 96.62, a price-to-earnings-growth ratio of 7.82 and a beta of 2.72. The company has a fifty day moving average of $149.93 and a 200-day moving average of $123.84.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the firm posted $0.26 EPS. The business’s revenue was up 31.1% compared to the same quarter last year. Equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.