Bank of New York Mellon Corp Trims Stock Holdings in Shopify Inc. $SHOP

Bank of New York Mellon Corp trimmed its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,476,805 shares of the software maker’s stock after selling 292,270 shares during the period. Bank of New York Mellon Corp owned about 0.27% of Shopify worth $516,688,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Financial Gravity Companies Inc. acquired a new position in shares of Shopify in the 2nd quarter valued at about $27,000. Rothschild Investment LLC lifted its holdings in Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Heartwood Wealth Advisors LLC acquired a new position in Shopify in the third quarter valued at approximately $27,000. Tradewinds Capital Management LLC boosted its stake in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares during the period. Finally, Estabrook Capital Management bought a new position in shares of Shopify during the second quarter valued at approximately $29,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 1.0%

SHOP stock opened at $138.92 on Thursday. The company has a market capitalization of $180.85 billion, a P/E ratio of 102.90, a PEG ratio of 4.06 and a beta of 2.83. The company has a 50-day simple moving average of $158.72 and a 200 day simple moving average of $151.01. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.75 billion. Shopify had a net margin of 16.65% and a return on equity of 11.72%. Equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SHOP shares. TD Securities upgraded Shopify to a “hold” rating in a research report on Thursday, December 4th. National Bankshares raised their target price on Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. DZ Bank raised shares of Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Barclays set a $140.00 price objective on shares of Shopify and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Finally, Truist Financial set a $155.00 price objective on shares of Shopify and gave the company a “hold” rating in a research report on Tuesday, November 4th. Twenty-four analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $171.61.

Shopify 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.