Synovus Financial Corp Sells 2,122 Shares of Shopify Inc. $SHOP

Key Points

• Synovus Financial Corp has reduced its stake in Shopify Inc. by 41.1%, holding 3,047 shares valued at $291,000 after selling 2,122 shares in the first quarter.
• Shopify's stock is currently down 0.2% with a market cap of $183.62 billion, and the company reported an earnings per share (EPS) of $0.35, exceeding analyst expectations.
• Multiple analysts have raised their price targets for Shopify, with JMP Securities increasing it from $135 to $185 and a consensus target price now set at $150.27.

Synovus Financial Corp reduced its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 41.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,047 shares of the software maker's stock after selling 2,122 shares during the quarter. Synovus Financial Corp's holdings in Shopify were worth $291,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SHOP. Nuveen LLC bought a new position in shares of Shopify in the first quarter valued at approximately $667,392,000. Jennison Associates LLC boosted its position in shares of Shopify by 324.3% in the first quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after acquiring an additional 4,036,326 shares during the period. Durable Capital Partners LP boosted its position in shares of Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after acquiring an additional 1,836,294 shares during the period. Mackenzie Financial Corp lifted its position in Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Finally, Voloridge Investment Management LLC bought a new stake in Shopify during the fourth quarter valued at approximately $125,334,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of several research analyst reports. Needham & Company LLC initiated coverage on shares of Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 target price for the company. Arete reiterated a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. DA Davidson lifted their target price on shares of Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Zacks Research upgraded shares of Shopify to a "hold" rating in a research report on Tuesday, August 12th. Finally, TD Securities lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Twenty-four equities research analysts have rated the stock with a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $150.27.

Shopify Trading Down 1.6%

Shares of SHOP stock traded down $2.24 during trading hours on Tuesday, hitting $139.04. 5,076,513 shares of the company's stock were exchanged, compared to its average volume of 10,146,092. The company has a market capitalization of $180.70 billion, a PE ratio of 89.70, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12-month low of $65.86 and a 12-month high of $156.85. The business's 50 day simple moving average is $128.60 and its 200-day simple moving average is $110.52.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings data 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 business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a net margin of 22.74% and a return on equity of 12.00%. The company's quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 EPS. Equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

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.