Huntington National Bank Decreases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Huntington National Bank reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 307,177 shares of the software maker’s stock after selling 1,100 shares during the period. Huntington National Bank’s holdings in Shopify were worth $24,617,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oliver Lagore Vanvalin Investment Group increased its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares during the period. Cultivar Capital Inc. acquired a new position in Shopify in the 2nd quarter worth approximately $33,000. Hazlett Burt & Watson Inc. acquired a new position in Shopify in the 2nd quarter worth approximately $33,000. Rosenberg Matthew Hamilton grew its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify during the 2nd quarter worth approximately $39,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 5.7 %

Shares of NYSE:SHOP opened at $115.13 on Thursday. The firm has a fifty day moving average price of $79.47 and a two-hundred day moving average price of $70.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.32 and a quick ratio of 7.32. The company has a market cap of $148.56 billion, a price-to-earnings ratio of 107.60, a PEG ratio of 3.64 and a beta of 2.36. Shopify Inc. has a one year low of $48.56 and a one year high of $115.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.94%. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Ratings Changes

SHOP has been the topic of a number of analyst reports. Oppenheimer raised their price objective on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday. Benchmark restated a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. Scotiabank raised their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 24th. JMP Securities lifted their target price on Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.