Truist Financial Corp Boosts Stake in Shopify Inc. (NYSE:SHOP)

Truist Financial Corp lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 550,550 shares of the software maker’s stock after acquiring an additional 61,014 shares during the period. Truist Financial Corp’s holdings in Shopify were worth $36,364,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp purchased a new position in Shopify during the fourth quarter valued at $28,000. Oliver Lagore Vanvalin Investment Group increased its stake in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after acquiring an additional 200 shares in the last quarter. OLD Point Trust & Financial Services N A purchased a new position in Shopify during the 4th quarter valued at about $39,000. Cultivar Capital Inc. bought a new stake in Shopify during the second quarter worth about $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new stake in Shopify in the second quarter worth about $33,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SHOP shares. Barclays boosted their price target on Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Loop Capital boosted their target price on Shopify from $68.00 to $80.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Benchmark restated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Moffett Nathanson cut shares of Shopify from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $74.00 to $65.00 in a research note on Thursday, June 6th. Finally, Truist Financial cut their price objective on shares of Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned 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 target price of $78.38.

Shopify Stock Performance

NYSE:SHOP opened at $79.14 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The stock has a 50-day simple moving average of $70.96 and a two-hundred day simple moving average of $68.56. The firm has a market capitalization of $101.99 billion, a PE ratio of -465.53, a P/E/G ratio of 2.65 and a beta of 2.35. Shopify Inc. has a 52-week low of $45.50 and a 52-week high of $91.57.

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. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same period in the previous year, the company posted ($0.08) EPS. The firm’s revenue was up 20.7% on a year-over-year basis. Analysts forecast that Shopify Inc. will post 0.76 EPS for the current year.

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.