Truist Financial Corp Sells 22,340 Shares of Shopify Inc. (NYSE:SHOP)

Truist Financial Corp trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 5.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 367,147 shares of the software maker's stock after selling 22,340 shares during the quarter. Truist Financial Corp's holdings in Shopify were worth $35,055,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Capital Investment Advisory Services LLC increased its holdings in Shopify by 13.5% in the 1st quarter. Capital Investment Advisory Services LLC now owns 5,243 shares of the software maker's stock valued at $501,000 after buying an additional 622 shares during the period. Catalyst Capital Advisors LLC bought a new position in Shopify in the 1st quarter valued at about $1,998,000. Global Wealth Management Investment Advisory Inc. increased its holdings in Shopify by 5.9% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 18,178 shares of the software maker's stock valued at $1,736,000 after buying an additional 1,009 shares during the period. Calamos Wealth Management LLC increased its holdings in Shopify by 22.8% in the 1st quarter. Calamos Wealth Management LLC now owns 25,204 shares of the software maker's stock valued at $2,404,000 after buying an additional 4,687 shares during the period. Finally, Checchi Capital Advisers LLC increased its holdings in Shopify by 2.9% in the 1st quarter. Checchi Capital Advisers LLC now owns 5,129 shares of the software maker's stock valued at $490,000 after buying an additional 146 shares during the period. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wells Fargo & Company raised their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. DA Davidson lifted their price target on shares of Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 16th. The Goldman Sachs Group decreased their price target on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. decreased their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Finally, Barclays decreased their price target on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Stock Up 0.1%

SHOP stock traded up $0.14 during midday trading on Monday, reaching $116.66. 5,418,182 shares of the company's stock traded hands, compared to its average volume of 9,307,399. The company has a market cap of $151.35 billion, a price-to-earnings ratio of 75.27, a P/E/G ratio of 4.82 and a beta of 2.61. The firm's fifty day moving average price is $106.22 and its 200-day moving average price is $104.72. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

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.