CNB Bank Has $593,000 Stock Position in Shopify Inc. (NYSE:SHOP)

CNB Bank lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.7% in the third quarter, according to its most recent filing with the SEC. The firm owned 7,396 shares of the software maker’s stock after selling 533 shares during the quarter. CNB Bank’s holdings in Shopify were worth $593,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV lifted its stake in shares of Shopify by 7.0% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after purchasing an additional 129 shares during the period. CVA Family Office LLC lifted its stake in Shopify by 11.8% in the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock valued at $109,000 after buying an additional 143 shares during the period. Willis Johnson & Associates Inc. boosted its holdings in shares of Shopify by 5.8% during the 1st quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after buying an additional 149 shares in the last quarter. Valley National Advisers Inc. boosted its holdings in shares of Shopify by 11.4% during the 1st quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after buying an additional 152 shares in the last quarter. Finally, Wolff Wiese Magana LLC grew its position in shares of Shopify by 5.4% during the 3rd quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker’s stock worth $238,000 after buying an additional 152 shares during the period. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on SHOP shares. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and increased their target price for the stock from $78.00 to $82.00 in a research note on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft raised their target price on Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. UBS Group upped their price target on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Loop Capital increased their price target on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company boosted their price objective on Shopify from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $79.36.

Shopify Stock Performance

Shares of SHOP opened at $82.68 on Friday. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The stock’s fifty day moving average price is $76.26 and its two-hundred day moving average price is $68.87. The firm has a market cap of $106.55 billion, a PE ratio of 84.37, a PEG ratio of 2.80 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The business had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The firm’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.08) EPS. On average, equities research analysts forecast that Shopify Inc. will post 0.76 EPS for the current 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.