Truist Financial Corp Sells 8,619 Shares of Shopify Inc. $SHOP

Truist Financial Corp lessened its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 376,882 shares of the software maker’s stock after selling 8,619 shares during the period. Truist Financial Corp’s holdings in Shopify were worth $56,008,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Triton Financial Group Inc acquired a new position in shares of Shopify during the third quarter worth $1,931,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock worth $48,827,000 after purchasing an additional 267,271 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Shopify by 4.4% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after buying an additional 218,829 shares during the last quarter. TriaGen Wealth Management LLC purchased a new position in Shopify during the 3rd quarter worth $2,562,000. Finally, Triasima Portfolio Management inc. increased its position in Shopify by 22.4% during the 3rd quarter. Triasima Portfolio Management inc. now owns 164,310 shares of the software maker’s stock valued at $24,416,000 after buying an additional 30,061 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wolfe Research raised Shopify from a “hold” rating to an “outperform” rating in a report on Tuesday, January 6th. TD Securities upgraded shares of Shopify to a “hold” rating in a research note on Thursday, December 4th. Raymond James Financial reissued a “market perform” rating on shares of Shopify in a research report on Monday, December 1st. Canaccord Genuity Group upped their price target on shares of Shopify from $165.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Finally, TD Cowen reiterated a “hold” rating and set a $156.00 price objective on shares of Shopify in a research note on Friday, October 3rd. Twenty-four equities research analysts have rated the stock with a Buy rating and twenty have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $171.61.

Shopify Trading Up 1.0%

Shares of NASDAQ SHOP opened at $138.92 on Thursday. The company has a 50 day simple moving average of $158.72 and a two-hundred day simple moving average of $151.01. The stock has a market cap of $180.85 billion, a price-to-earnings ratio of 102.90, a PEG ratio of 4.06 and a beta of 2.83. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Shopify had a net margin of 16.65% and a return on equity of 11.72%. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Analysts forecast that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Company Profile

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.