Huntington National Bank Acquires 416 Shares of Shopify Inc. $SHOP

Huntington National Bank lifted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 292,136 shares of the software maker’s stock after buying an additional 416 shares during the quarter. Huntington National Bank’s holdings in Shopify were worth $33,698,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Fullcircle Wealth LLC grew its position in shares of Shopify by 7.0% during the 2nd quarter. Fullcircle Wealth LLC now owns 4,536 shares of the software maker’s stock worth $568,000 after buying an additional 296 shares in the last quarter. Obermeyer Wealth Partners grew its position in shares of Shopify by 27.3% during the 2nd quarter. Obermeyer Wealth Partners now owns 6,191 shares of the software maker’s stock worth $714,000 after buying an additional 1,328 shares in the last quarter. Access Investment Management LLC bought a new position in shares of Shopify during the 2nd quarter worth $31,000. Corton Capital Inc. bought a new position in shares of Shopify during the 2nd quarter worth $2,653,000. Finally, K.J. Harrison & Partners Inc grew its position in shares of Shopify by 181.2% during the 2nd quarter. K.J. Harrison & Partners Inc now owns 44,227 shares of the software maker’s stock worth $5,091,000 after buying an additional 28,500 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shopify stock opened at $172.94 on Tuesday. The stock has a 50-day moving average of $154.22 and a two-hundred day moving average of $128.51. Shopify Inc. has a one year low of $69.84 and a one year high of $182.19. The stock has a market cap of $224.76 billion, a PE ratio of 96.61, a price-to-earnings-growth ratio of 8.14 and a beta of 2.73.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SHOP shares. DA Davidson increased their price target on Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Stifel Nicolaus increased their price target on Shopify from $110.00 to $150.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Canaccord Genuity Group increased their price target on Shopify from $115.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Arete reaffirmed a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. Finally, Zacks Research raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $155.35.

Shopify Company 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.