Wesbanco Bank Inc. Reduces Holdings in Shopify Inc. $SHOP

Wesbanco Bank Inc. decreased its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 17.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 73,920 shares of the software maker’s stock after selling 15,174 shares during the quarter. Wesbanco Bank Inc.’s holdings in Shopify were worth $10,985,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SHOP. Brighton Jones LLC increased 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 purchasing an additional 584 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Shopify by 107.3% in the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after buying an additional 7,544 shares during the period. Sivia Capital Partners LLC grew its stake in Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after buying an additional 506 shares in the last quarter. Callan Family Office LLC bought a new stake in Shopify during the 2nd quarter valued at $1,052,000. Finally, Blue Trust Inc. raised its holdings in Shopify by 16.0% during the 2nd quarter. Blue Trust Inc. now owns 2,759 shares of the software maker’s stock valued at $318,000 after acquiring an additional 380 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SHOP. Barclays set a $140.00 price target on Shopify and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Cantor Fitzgerald restated a “neutral” rating and issued a $181.00 target price (up previously from $156.00) on shares of Shopify in a research note on Wednesday, November 5th. Zacks Research lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Royal Bank Of Canada set a $200.00 price target on shares of Shopify and gave the stock an “outperform” rating in a report on Monday, January 26th. Finally, Jefferies Financial Group restated a “hold” rating on shares of Shopify in a research report on Tuesday, February 3rd. Twenty-six research analysts have rated the stock with a Buy rating and eighteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $170.08.

Shopify Price Performance

Shares of Shopify stock opened at $118.40 on Tuesday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19. The firm has a market cap of $154.14 billion, a PE ratio of 87.70, a PEG ratio of 3.30 and a beta of 2.83. The company has a 50 day simple moving average of $153.73 and a two-hundred day simple moving average of $151.23.

About Shopify

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.