Shopify Inc. (NYSE:SHOP) Shares Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc grew its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 257.9% in the third quarter, Holdings Channel reports. The institutional investor owned 3,758 shares of the software maker’s stock after acquiring an additional 2,708 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Shopify were worth $301,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Moser Wealth Advisors LLC increased its holdings in Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after acquiring an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after purchasing an additional 129 shares in the last quarter. Rosenberg Matthew Hamilton raised its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. CVA Family Office LLC lifted its stake in Shopify by 11.8% in the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock valued at $109,000 after buying an additional 143 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC boosted its holdings in Shopify by 3.5% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker’s stock worth $343,000 after buying an additional 145 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Down 5.2 %

NYSE SHOP opened at $109.08 on Friday. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $115.62. The firm has a 50 day moving average of $80.36 and a two-hundred day moving average of $70.50. The stock has a market capitalization of $140.76 billion, a PE ratio of 101.94, a price-to-earnings-growth ratio of 3.71 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, research analysts expect that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. JMP Securities raised their target price on Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research report on Wednesday. Morgan Stanley raised their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Loop Capital increased their target price on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Robert W. Baird boosted their price target on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

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.