Zions Bancorporation N.A. Sells 853 Shares of Shopify Inc. (NYSE:SHOP)

Zions Bancorporation N.A. lowered its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 33.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,684 shares of the software maker’s stock after selling 853 shares during the period. Zions Bancorporation N.A.’s holdings in Shopify were worth $179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. PFG Private Wealth Management LLC raised its holdings in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after buying an additional 256 shares during the period. Brooklyn Investment Group purchased a new stake in Shopify in the third quarter worth $33,000. New Wave Wealth Advisors LLC bought a new stake in shares of Shopify during the fourth quarter worth $39,000. Mather Group LLC. lifted its position in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock worth $43,000 after purchasing an additional 184 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new stake in shares of Shopify during the third quarter valued at $45,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their price objective on shares of Shopify from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, February 12th. Oppenheimer lifted their price target on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. JMP Securities reissued a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research note on Thursday, December 12th. Wells Fargo & Company lifted their target price on Shopify from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Finally, Piper Sandler upped their target price on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $126.31.

Shopify Stock Performance

Shares of SHOP stock opened at $104.32 on Thursday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a market capitalization of $135.07 billion, a PE ratio of 67.30, a P/E/G ratio of 4.82 and a beta of 2.60. The stock’s 50-day simple moving average is $110.36 and its 200-day simple moving average is $100.34.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share 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.