Shopify Inc. $SHOP Shares Bought by Truist Financial Corp

Key Points

• Truist Financial Corp increased its stake in Shopify by 5% during the second quarter, owning a total of 385,501 shares valued at $44.47 million.
• Shopify's earnings exceeded expectations, reporting $0.35 EPS against a consensus estimate of $0.29, alongside a revenue of $2.68 billion, up 31.1% year-over-year.
• Analysts have varying ratings on Shopify, with 23 giving it a Buy rating and a consensus target price of $150.83, reflecting strong investor interest in the stock.

Truist Financial Corp boosted its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 5.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 385,501 shares of the software maker's stock after buying an additional 18,354 shares during the period. Truist Financial Corp's holdings in Shopify were worth $44,467,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in SHOP. Worth Asset Management LLC acquired a new position in Shopify in the second quarter valued at $236,000. Avior Wealth Management LLC increased its position in Shopify by 32.6% in the 2nd quarter. Avior Wealth Management LLC now owns 13,609 shares of the software maker's stock valued at $1,570,000 after acquiring an additional 3,347 shares during the period. Integrity Alliance LLC. acquired a new position in Shopify in the 1st quarter valued at about $211,000. Jacobs & Co. CA acquired a new position in Shopify in the 2nd quarter valued at about $285,000. Finally, Focus Partners Wealth increased its holdings in shares of Shopify by 7.4% in the first quarter. Focus Partners Wealth now owns 288,722 shares of the software maker's stock valued at $27,567,000 after purchasing an additional 19,908 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

SHOP stock opened at $151.30 on Friday. The company's 50 day simple moving average is $142.04 and its 200-day simple moving average is $116.66. The firm has a market capitalization of $196.64 billion, a PE ratio of 84.53, a P/E/G ratio of 7.09 and a beta of 2.72. 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 earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analysts' expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify's quarterly revenue was up 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.26 EPS. As a group, sell-side analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SHOP. Cantor Fitzgerald set a $156.00 target price on Shopify and gave the company a "neutral" rating in a report on Wednesday, August 27th. Royal Bank Of Canada boosted their price objective on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Bank of America boosted their price objective on shares of Shopify from $110.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Scotiabank reiterated a "sector perform" rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, Arete reiterated a "neutral" rating on shares of Shopify in a research note on Wednesday, July 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $150.83.

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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