Wesbanco Bank Inc. Increases Stake in Shopify Inc. $SHOP

Wesbanco Bank Inc. grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 14.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 81,530 shares of the software maker’s stock after acquiring an additional 10,258 shares during the period. Wesbanco Bank Inc.’s holdings in Shopify were worth $9,671,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SHOP. Kingdom Financial Group LLC. acquired a new position in Shopify during the 4th quarter worth approximately $26,000. Curio Wealth LLC purchased a new position in shares of Shopify during the 4th quarter worth approximately $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $29,000. Lodestone Wealth Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at approximately $31,000. Finally, Sound Income Strategies LLC boosted its stake in shares of Shopify by 82.4% in the fourth quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after buying an additional 89 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SHOP. National Bank Financial cut their price objective on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, May 27th. Citizens Jmp decreased their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a research report on Wednesday, May 6th. Barclays set a $126.00 price target on shares of Shopify and gave the company an “equal weight” rating in a report on Wednesday, May 6th. DA Davidson reduced their price objective on shares of Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $180.00 price objective on shares of Shopify in a report on Tuesday, May 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

Shopify Stock Performance

NASDAQ:SHOP opened at $116.86 on Friday. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19. The stock has a market cap of $151.64 billion, a price-to-earnings ratio of 115.70, a price-to-earnings-growth ratio of 3.07 and a beta of 2.60. The business’s 50-day simple moving average is $112.68 and its 200 day simple moving average is $128.33.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The company had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.08 billion. On average, equities research analysts predict that Shopify Inc. will post 1.39 EPS for the current year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.