Shopify Inc. (NYSE:SHOP) Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 8.4% in the 4th quarter, Holdings Channel reports. The fund owned 389,487 shares of the software maker’s stock after selling 35,523 shares during the period. Truist Financial Corp’s holdings in Shopify were worth $41,414,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify in the fourth quarter valued at about $39,000. Mather Group LLC. lifted its stake in shares of Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after purchasing an additional 184 shares during the period. Brooklyn Investment Group acquired a new stake in shares of Shopify in the third quarter valued at about $33,000. Sierra Ocean LLC acquired a new stake in shares of Shopify in the fourth quarter valued at about $46,000. Finally, Rosenberg Matthew Hamilton lifted its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Up 0.7 %

Shares of SHOP stock opened at $129.20 on Wednesday. The stock has a market cap of $166.94 billion, a price-to-earnings ratio of 120.75, a price-to-earnings-growth ratio of 2.49 and a beta of 2.47. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm’s 50 day moving average price is $112.16 and its two-hundred day moving average price is $93.70.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 16.84% and a return on equity of 11.60%. On average, analysts anticipate that Shopify Inc. will post 0.91 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SHOP shares. ATB Capital raised their price objective on shares of Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Barclays raised their price objective on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. DA Davidson raised their price objective on shares of Shopify from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, February 12th. Robert W. Baird raised their target price on shares of Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Finally, Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and raised their target price for the company from $110.00 to $140.00 in a report on Friday, December 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $126.31.

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.