Wesbanco Bank Inc. Lowers Stock Holdings in Shopify Inc. $SHOP

Wesbanco Bank Inc. reduced its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 17.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 73,920 shares of the software maker’s stock after selling 15,174 shares during the quarter. Wesbanco Bank Inc.’s holdings in Shopify were worth $10,985,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Shopify during the second quarter valued at approximately $1,794,952,000. Jennison Associates LLC lifted its holdings in shares of Shopify by 64.3% in the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock worth $2,812,211,000 after acquiring an additional 7,403,821 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Shopify by 5,193.6% in the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after purchasing an additional 2,027,839 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Shopify by 19.9% in the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after purchasing an additional 1,781,530 shares in the last quarter. Finally, Picton Mahoney Asset Management grew its holdings in shares of Shopify by 246,359.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 1,759,717 shares of the software maker’s stock valued at $202,146,000 after purchasing an additional 1,759,003 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

SHOP opened at $118.40 on Tuesday. The stock has a market capitalization of $154.14 billion, a PE ratio of 87.70, a price-to-earnings-growth ratio of 3.30 and a beta of 2.83. The stock’s 50 day moving average price is $153.73 and its 200-day moving average price is $151.23. Shopify Inc. has a 52-week low of $69.84 and a 52-week high of $182.19.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SHOP shares. Wedbush reissued an “outperform” rating and issued a $185.00 price target (up from $160.00) on shares of Shopify in a research note on Tuesday, November 4th. Needham & Company LLC reiterated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a report on Wednesday, November 5th. Stifel Nicolaus set a $175.00 target price on Shopify in a research note on Tuesday, November 4th. BMO Capital Markets reduced their price target on Shopify from $190.00 to $150.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Zacks Research cut Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Twenty-six analysts have rated the stock with a Buy rating and eighteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $170.08.

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.