Banco Santander S.A. Acquires 30,331 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Banco Santander S.A. increased its stake in Shopify Inc. by 39.4%, acquiring an additional 30,331 shares, bringing their total holdings to 107,285 shares worth approximately $10.24 million.
• Shopify's stock is currently down 3.0%, with a market capitalization of about $153.87 billion, while its price-to-earnings ratio stands at 76.52.
• Research firms have varied ratings for Shopify, with a consensus rating of "Moderate Buy" and an average price target of $120.34.

Banco Santander S.A. boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 39.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,285 shares of the software maker's stock after acquiring an additional 30,331 shares during the quarter. Banco Santander S.A.'s holdings in Shopify were worth $10,244,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. OVERSEA CHINESE BANKING Corp Ltd raised its stake in shares of Shopify by 243.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 43,457 shares of the software maker's stock valued at $4,149,000 after acquiring an additional 30,813 shares during the last quarter. Cumberland Partners Ltd bought a new position in shares of Shopify in the first quarter valued at approximately $1,380,000. PNC Financial Services Group Inc. raised its stake in shares of Shopify by 25.3% in the first quarter. PNC Financial Services Group Inc. now owns 114,679 shares of the software maker's stock valued at $10,950,000 after acquiring an additional 23,190 shares during the last quarter. TIAA Trust National Association bought a new position in shares of Shopify in the first quarter valued at approximately $14,459,000. Finally, UNIVEST FINANCIAL Corp bought a new position in shares of Shopify in the first quarter valued at approximately $203,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Down 3.0%

Shares of SHOP stock opened at $118.60 on Friday. The firm has a fifty day moving average of $113.90 and a 200-day moving average of $106.57. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market capitalization of $153.87 billion, a price-to-earnings ratio of 76.52, a P/E/G ratio of 4.82 and a beta of 2.61.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SHOP. Jefferies Financial Group cut their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Robert W. Baird upped their target price on shares of Shopify from $110.00 to $120.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Barclays reduced their target price on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Arete Research upgraded shares of Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Finally, BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $120.34.

Shopify Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.