Fifth Third Bancorp Raises Stock Holdings in Shopify Inc. $SHOP

Key Points

• Fifth Third Bancorp has increased its stake in Shopify Inc. by 30.2%, owning a total of 38,718 shares valued at approximately $4.47 million.
• Several hedge funds have taken positions in Shopify, with notable increases, indicating a growing institutional interest as they now collectively own 69.27% of the company's stock.
• Shopify reported earnings of $0.35 per share, exceeding analyst expectations, and recorded a 31.1% year-over-year revenue growth, with total revenue reaching $2.68 billion.

Fifth Third Bancorp boosted its stake in Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 30.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,718 shares of the software maker's stock after purchasing an additional 8,982 shares during the quarter. Fifth Third Bancorp's holdings in Shopify were worth $4,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Family Legacy Financial Solutions LLC bought a new position in Shopify in the second quarter valued at $25,000. Smithfield Trust Co lifted its stake in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after purchasing an additional 188 shares during the last quarter. Dagco Inc. purchased a new position in shares of Shopify in the 1st quarter worth about $30,000. Global Wealth Strategies & Associates increased its position in shares of Shopify by 182.8% during the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after purchasing an additional 170 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in shares of Shopify by 86.8% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after buying an additional 165 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several research reports. Arete Research raised Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Citigroup increased their target price on shares of Shopify from $155.00 to $195.00 and gave the company a "buy" rating in a report on Friday, August 8th. Royal Bank Of Canada boosted their price target on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed a "sector perform" rating and set a $150.00 price objective (up from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, JMP Securities boosted their target price on Shopify from $135.00 to $185.00 and gave the company a "market outperform" rating in a research note on Thursday, August 7th. Twenty-three analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $151.69.

Shopify Trading Down 3.6%

Shares of NASDAQ:SHOP opened at $143.45 on Friday. The company has a 50-day moving average price of $139.74 and a 200-day moving average price of $114.82. The company has a market cap of $186.44 billion, a price-to-earnings ratio of 80.14, a price-to-earnings-growth ratio of 7.05 and a beta of 2.69. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $159.01.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify's revenue was up 31.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.26 EPS. As a group, research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.

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