Shopify Inc. (NYSE:SHOP) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its stake in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 5.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,096 shares of the software maker’s stock after selling 450 shares during the quarter. Fifth Third Bancorp’s holdings in Shopify were worth $535,000 at the end of the most recent quarter.

Several other large investors have recently added to or reduced their stakes in the stock. GQG Partners LLC grew its position in shares of Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the period. Norges Bank acquired a new stake in Shopify in the fourth quarter valued at $1,049,089,000. Capital World Investors boosted its stake in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after purchasing an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after buying an additional 5,982,434 shares during the period. Finally, Toronto Dominion Bank raised its position in shares of Shopify by 214.5% in the first quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after buying an additional 1,983,996 shares during the last quarter. 69.27% ​​of the shares are currently held by hedge funds and other institutional investors.

Shopify trading up 2.5%

NYSE:SHOP opened at $76.13 on Friday. Shopify Inc. has a 1 year low of $45.50 and a 1 year high of $91.57. The stock has a market cap of $98.11 billion, a P/E ratio of -447.82, a P/E/G ratio of 2.50 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32, and a current ratio of 7.32. The stock has a 50-day simple moving average of $65.56 and a 200-day simple moving average of $69.44.

Shopify (NYSE:SHOP – Get Your Free Report ) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. In the same period last year, the company posted ($0.08) earnings per share. As a group, analysts anticipate that Shopify Inc. will post 0.76 earnings per share for the current fiscal year.

Changes in Analyst Ratings

A number of research analysts have commented on the stock. Atb Cap Markets raised shares of Shopify from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 8th. CIBC reduced their price objective on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. Wells Fargo & Company raised their target price on shares of Shopify from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Benchmark restated a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Finally, Needham & Company LLC restated a “hold” rating on shares of Shopify in a research report on Thursday, May 9th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Moderate Buy” and a consensus price target of $77.30, according to MarketBeat.

Get the latest report on SHOP

Shopify profile

(Free report)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, Asia Pacific, Australia, China and Latin America. The company’s platform enables merchants to display, manage, market and sell their products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up stores, social media storefronts, mobile apps native, buy buttons and markets; and allows to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, use analytics and reporting, manage cash, payments and transactions and access financing.

Further reading

Want to see what other hedge funds own SHOP? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP).

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