PNC Financial Services Group Inc. Acquires 23,190 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• PNC Financial Services Group Inc. increased its stake in Shopify Inc. by 25.3%, acquiring an additional 23,190 shares to hold a total of 114,679 shares valued at approximately $10.95 million.
• Multiple institutional investors, including TIAA Trust National Association and Commerce Bank, also made significant investments in Shopify during the first quarter, reflecting growing interest among hedge funds.
• Shopify's stock currently holds a "Moderate Buy" rating from analysts, with an average target price of $120.74, although opinions vary with some analysts issuing hold or buy ratings and adjusting target prices.

PNC Financial Services Group Inc. boosted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 25.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 114,679 shares of the software maker's stock after buying an additional 23,190 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Shopify were worth $10,950,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. TIAA Trust National Association bought a new stake in shares of Shopify during the first quarter worth $14,459,000. UNIVEST FINANCIAL Corp acquired a new stake in shares of Shopify during the 1st quarter valued at $203,000. Commerce Bank grew its position in Shopify by 12.3% during the 1st quarter. Commerce Bank now owns 58,348 shares of the software maker's stock worth $5,571,000 after acquiring an additional 6,394 shares during the last quarter. Alberta Investment Management Corp raised its position in Shopify by 0.5% in the first quarter. Alberta Investment Management Corp now owns 2,050,577 shares of the software maker's stock valued at $195,187,000 after purchasing an additional 10,932 shares during the last quarter. Finally, MGO One Seven LLC boosted its stake in shares of Shopify by 29.9% during the first quarter. MGO One Seven LLC now owns 23,384 shares of the software maker's stock valued at $2,244,000 after purchasing an additional 5,376 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of analyst reports. Arete Research upgraded Shopify to a "hold" rating in a research report on Wednesday, July 23rd. The Goldman Sachs Group decreased their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target on the stock. in a research report on Tuesday, July 22nd. Jefferies Financial Group reduced their price objective on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Finally, DA Davidson lifted their target price on shares of Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. One research 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, the stock currently has an average rating of "Moderate Buy" and an average target price of $120.74.

Shopify Stock Performance

NYSE:SHOP opened at $127.00 on Wednesday. Shopify Inc. has a 52-week low of $52.34 and a 52-week high of $129.38. The stock has a fifty day moving average of $114.78 and a 200 day moving average of $106.89. The firm has a market capitalization of $164.77 billion, a price-to-earnings ratio of 81.94, a P/E/G ratio of 4.82 and a beta of 2.63.

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.

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