US Bancorp DE Has $8.53 Million Position in Shopify Inc. $SHOP

US Bancorp DE raised its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 6.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 73,932 shares of the software maker's stock after purchasing an additional 4,548 shares during the period. US Bancorp DE's holdings in Shopify were worth $8,528,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Family Legacy Financial Solutions LLC acquired a new stake in Shopify in the second quarter valued at approximately $25,000. Coastline Trust Co bought a new stake in shares of Shopify during the second quarter worth about $29,000. Smithfield Trust Co grew its holdings in shares of 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. acquired a new position in Shopify in the 1st quarter valued at approximately $30,000. Finally, Global Wealth Strategies & Associates increased its position in Shopify by 182.8% in the 2nd quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock valued at $30,000 after acquiring an additional 170 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SHOP. Arete restated a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. 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 report on Thursday, August 7th. CIBC boosted their price target on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. The Goldman Sachs Group boosted their price target on shares of Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, TD Cowen restated a "hold" rating and issued a $156.00 price target on shares of Shopify in a research report on Friday, October 3rd. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Shopify has an average rating of "Hold" and an average price target of $151.95.

Shopify Stock Down 7.8%

Shares of NASDAQ:SHOP opened at $151.02 on Friday. The stock has a market cap of $196.27 billion, a price-to-earnings ratio of 84.37, a PEG ratio of 7.07 and a beta of 2.72. The business's 50 day moving average is $146.61 and its 200 day moving average is $119.16. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.