CNB Bank Sells 533 Shares of Shopify Inc. (NYSE:SHOP)

CNB Bank reduced its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.7% during the third quarter, Holdings Channel.com reports. The fund owned 7,396 shares of the software maker’s stock after selling 533 shares during the quarter. CNB Bank’s holdings in Shopify were worth $593,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group raised its stake in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. purchased a new stake in Shopify during the second quarter valued at about $33,000. Private Wealth Management Group LLC lifted its position in Shopify by 53.3% in the 1st quarter. Private Wealth Management Group LLC now owns 518 shares of the software maker’s stock worth $40,000 after buying an additional 180 shares during the last quarter. Finally, Redmont Wealth Advisors LLC purchased a new stake in Shopify in the first quarter worth approximately $42,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 1.3 %

Shopify stock opened at $82.68 on Friday. Shopify Inc. has a 12 month low of $45.50 and a 12 month high of $91.57. The stock has a fifty day simple moving average of $76.26 and a two-hundred day simple moving average of $68.87. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market cap of $106.55 billion, a price-to-earnings ratio of 84.37, a PEG ratio of 2.80 and a beta of 2.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. Shopify’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same period last year, the company earned ($0.08) EPS. Equities analysts predict that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent research reports. Citigroup boosted their price objective on shares of Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price target on shares of Shopify in a research note on Monday, October 7th. UBS Group raised their price objective on Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Evercore ISI boosted their target price on Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Finally, JPMorgan Chase & Co. raised their price target on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. One 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 given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $79.36.

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.