Wesbanco Bank Inc. Raises Stock Holdings in Shopify Inc. (NYSE:SHOP)

Wesbanco Bank Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.4% during the 3rd quarter, Holdings Channel reports. The firm owned 98,106 shares of the software maker’s stock after acquiring an additional 381 shares during the period. Wesbanco Bank Inc.’s holdings in Shopify were worth $7,862,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Oliver Lagore Vanvalin Investment Group boosted its holdings 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 buying an additional 200 shares during the last quarter. Cultivar Capital Inc. bought a new stake in Shopify in the second quarter worth about $33,000. Hazlett Burt & Watson Inc. purchased a new position in Shopify in the second quarter valued at about $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Shopify during the 2nd quarter valued at approximately $39,000. Finally, Private Wealth Management Group LLC increased its stake in shares of Shopify by 53.3% during the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after purchasing an additional 180 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SHOP. Loop Capital upped their price objective on Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. DZ Bank lowered Shopify from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Robert W. Baird boosted their price objective on Shopify from $79.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald reiterated a “neutral” rating and set a $70.00 target price on shares of Shopify in a research report on Monday, October 7th. Finally, Piper Sandler reissued a “neutral” rating and issued a $67.00 price target on shares of Shopify in a research report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.97.

Shopify Price Performance

SHOP opened at $83.67 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The stock’s 50 day simple moving average is $74.81 and its 200 day simple moving average is $68.69. The firm has a market cap of $107.82 billion, a price-to-earnings ratio of 85.38, a PEG ratio of 2.77 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The firm had revenue of $2.05 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter last year, the business earned ($0.08) earnings per share. The business’s revenue was up 20.7% on a year-over-year basis. As a group, analysts predict that Shopify Inc. will post 0.76 earnings per share 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.