Washington Trust Bank Has $621,000 Stake in Shopify Inc. $SHOP

by · The Markets Daily

Washington Trust Bank cut its stake in shares of Shopify Inc. (NASDAQ:SHOP – Free Report) (TSE:SHOP) by 68.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,177 shares of the software maker’s stock after selling 8,915 shares during the quarter. Washington Trust Bank’s holdings in Shopify were worth $621,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SHOP. Brighton Jones LLC lifted its stake in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC raised its holdings in Shopify by 107.3% during the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares during the last quarter. Integrity Alliance LLC. acquired a new position in shares of Shopify in the 1st quarter worth approximately $211,000. Geneos Wealth Management Inc. lifted its position in shares of Shopify by 21.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 4,946 shares of the software maker’s stock worth $472,000 after purchasing an additional 877 shares during the period. Finally, Advisors Capital Management LLC boosted its stake in shares of Shopify by 13.7% in the 1st quarter. Advisors Capital Management LLC now owns 2,276 shares of the software maker’s stock valued at $217,000 after purchasing an additional 275 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of analyst reports. BNP Paribas Exane assumed coverage on shares of Shopify in a research note on Monday, November 24th. They set a “neutral” rating for the company. Canaccord Genuity Group increased their price target on Shopify from $165.00 to $185.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Truist Financial set a $155.00 price objective on Shopify and gave the stock a “hold” rating in a research report on Tuesday, November 4th. Robert W. Baird upped their target price on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $192.00 target price (up from $165.00) on shares of Shopify in a report on Wednesday, November 5th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty-one have given a Hold rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $171.61.

Check Out Our Latest Analysis on SHOP

Shopify Stock Down 2.3%

Shares of SHOP opened at $164.48 on Friday. The business’s fifty day moving average is $160.02 and its 200 day moving average is $147.90. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The stock has a market cap of $214.13 billion, a P/E ratio of 121.84, a P/E/G ratio of 4.89 and a beta of 2.83.

Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last released its quarterly earnings data on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. On average, analysts expect that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Profile

(Free Report)

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

Further Reading

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