PNC Financial Services Group Inc. Sells 2,382 Shares of Shopify Inc. (NYSE:SHOP)

PNC Financial Services Group Inc. decreased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 93,107 shares of the software maker’s stock after selling 2,382 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Shopify were worth $7,462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in SHOP. Baillie Gifford & Co. boosted its position in shares of Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the period. TD Asset Management Inc grew its position in shares of Shopify by 6.9% during the 2nd quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock valued at $572,263,000 after purchasing an additional 559,917 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Shopify by 1.8% in the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after purchasing an additional 145,618 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Shopify by 7.4% in the second quarter. The Manufacturers Life Insurance Company now owns 7,726,950 shares of the software maker’s stock worth $510,016,000 after buying an additional 533,111 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Shopify by 49.9% during the second quarter. Mackenzie Financial Corp now owns 6,315,028 shares of the software maker’s stock valued at $417,386,000 after buying an additional 2,102,939 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.5 %

Shares of SHOP opened at $106.96 on Friday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $115.62. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $85.50 and its 200-day moving average price is $72.12. The firm has a market capitalization of $138.02 billion, a price-to-earnings ratio of 99.96, a PEG ratio of 2.80 and a beta of 2.36.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Piper Sandler upped their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Evercore ISI raised their target price on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their price target on shares of Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Royal Bank of Canada raised their price objective on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Roth Mkm upped their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify 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.