Shopify Inc. $SHOP Shares Bought by Truist Financial Corp

Truist Financial Corp boosted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 5.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 385,501 shares of the software maker’s stock after acquiring an additional 18,354 shares during the period. Truist Financial Corp’s holdings in Shopify were worth $44,467,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Worth Asset Management LLC purchased a new stake in shares of Shopify in the second quarter valued at $236,000. Avior Wealth Management LLC grew its holdings in Shopify by 32.6% in the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker’s stock valued at $1,570,000 after buying an additional 3,347 shares during the period. Integrity Alliance LLC. purchased a new stake in Shopify in the 1st quarter valued at about $211,000. Jacobs & Co. CA purchased a new stake in Shopify in the 2nd quarter valued at about $285,000. Finally, Focus Partners Wealth grew its holdings in Shopify by 7.4% in the first quarter. Focus Partners Wealth now owns 288,722 shares of the software maker’s stock valued at $27,567,000 after purchasing an additional 19,908 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 1.2%

NASDAQ SHOP opened at $151.30 on Friday. The stock has a market cap of $196.64 billion, a PE ratio of 84.53, a P/E/G ratio of 7.09 and a beta of 2.72. The business has a 50 day moving average price of $142.04 and a two-hundred day moving average price of $116.66. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $159.01.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SHOP shares. Robert W. Baird upped their price target on shares of Shopify from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, July 14th. Truist Financial boosted their price objective on shares of Shopify from $95.00 to $150.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Barclays boosted their price objective 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. DA Davidson boosted their price target on Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, National Bankshares boosted their price target on Shopify from $140.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Twenty-three investment analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $150.83.

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.