Synovus Financial Corp Sells 827 Shares of Shopify Inc. (NYSE:SHOP)

Synovus Financial Corp cut its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 13.8% during the 4th quarter, Holdings Channel reports. The firm owned 5,169 shares of the software maker’s stock after selling 827 shares during the period. Synovus Financial Corp’s holdings in Shopify were worth $550,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SHOP. Allianz SE purchased a new stake in Shopify in the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC raised its holdings in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its stake in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the period. New Wave Wealth Advisors LLC bought a new stake in Shopify in the fourth quarter valued at $39,000. Finally, Mather Group LLC. increased its position in Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after purchasing an additional 184 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 0.4 %

SHOP opened at $83.65 on Friday. The firm’s 50 day simple moving average is $101.26 and its two-hundred day simple moving average is $101.43. The company has a market capitalization of $108.31 billion, a PE ratio of 53.97, a PEG ratio of 4.82 and a beta of 2.82. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. Equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SHOP shares. Scotiabank lifted their target price on shares of Shopify from $115.00 to $120.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 12th. Wedbush reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Shopify in a research report on Tuesday. Piper Sandler increased their target price on Shopify from $94.00 to $104.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Benchmark upgraded Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Monday, February 10th. Finally, Royal Bank of Canada reduced their price target on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $120.94.

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.