Wesbanco Bank Inc. Has $9.67 Million Stake in Shopify Inc. $SHOP

Wesbanco Bank Inc. grew its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 14.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 81,530 shares of the software maker’s stock after buying an additional 10,258 shares during the period. Wesbanco Bank Inc.’s holdings in Shopify were worth $9,671,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in SHOP. Brighton Jones LLC grew its stake in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after buying an additional 7,544 shares during the period. Sivia Capital Partners LLC lifted its holdings in Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after buying an additional 506 shares during the period. Osterweis Capital Management Inc. bought a new position in Shopify in the second quarter valued at approximately $53,000. Finally, Main Street Financial Solutions LLC grew its holdings in Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock worth $1,284,000 after acquiring an additional 1,479 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 4.7%

SHOP opened at $116.86 on Friday. The stock has a market capitalization of $151.64 billion, a P/E ratio of 115.70, a P/E/G ratio of 3.07 and a beta of 2.60. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $182.19. The firm’s fifty day simple moving average is $112.68 and its 200 day simple moving average is $128.33.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SHOP. DA Davidson decreased their price objective on Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings lowered Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and set a $180.00 target price on shares of Shopify in a report on Tuesday, May 5th. Wells Fargo & Company decreased their target price on Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Finally, BMO Capital Markets lowered their price target on Shopify from $160.00 to $145.00 and set an “outperform” rating for the company in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $157.17.

Shopify Company Profile

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.