Shopify Inc. (NYSE:SHOP) Position Reduced by Wesbanco Bank Inc.

Wesbanco Bank Inc. decreased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,305 shares of the software maker’s stock after selling 14,801 shares during the period. Wesbanco Bank Inc.’s holdings in Shopify were worth $8,858,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group grew its position in Shopify by 100.0% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares in the last quarter. Brooklyn Investment Group purchased a new position in Shopify during the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton grew its position in 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 in the last quarter. Truvestments Capital LLC purchased a new position in Shopify during the 3rd quarter worth approximately $45,000. Finally, GAMMA Investing LLC grew its position in Shopify by 73.5% during the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.1 %

Shares of NYSE SHOP opened at $106.39 on Thursday. The company’s 50 day simple moving average is $109.62 and its 200 day simple moving average is $86.37. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $120.72. The firm has a market capitalization of $137.47 billion, a P/E ratio of 99.43, a P/E/G ratio of 2.23 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SHOP. Royal Bank of Canada restated an “outperform” rating and set a $130.00 price target on shares of Shopify in a report on Wednesday. Loop Capital upgraded shares of Shopify from a “hold” rating to a “buy” rating and boosted their price target for the company from $110.00 to $140.00 in a report on Friday, December 6th. Moffett Nathanson boosted their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Barclays boosted their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Finally, Scotiabank lifted their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.31.

About Shopify

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.