Comerica Bank sells 526 shares of Shopify Inc. (NYSE:SHOP)
Comerica Bank reduced its holdings of Shopify Inc. stock (NYSE: SHOP – Get a rating) (TSE:SHOP) by 9.1% in the first quarter, HoldingsChannel reports. The company held 5,260 shares of the software maker after selling 526 shares during the period. Comerica Bank’s holdings in Shopify were worth $2,761,000 when it last filed with the SEC.
Other hedge funds and other institutional investors also bought and sold shares of the company. Blue Bell Private Wealth Management LLC bought a new position in Shopify during the fourth quarter worth approximately $25,000. Western Pacific Wealth Management LP acquired a new stake in Shopify during the fourth quarter worth approximately $26,000. Amplius Wealth Advisors LLC acquired a new stake in Shopify during the fourth quarter worth approximately $31,000. Parkside Financial Bank & Trust increased its position in Shopify by 666.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 23 shares of the software maker worth $32,000 after acquiring 20 more shares in the last quarter. Finally, PYA Waltman Capital LLC acquired a new stake in Shopify during the fourth quarter worth approximately $47,000. Institutional investors hold 62.60% of the company’s shares.
Analyst upgrades and downgrades
A number of equity research analysts have weighed in on SHOP shares recently. Citigroup lowered its price target on Shopify shares from $53.40 to $43.20 in a Friday, May 6 research report. Benchmark upgraded Shopify shares to a “hold” rating in a Thursday, June 23 research report. StockNews.com upgraded Shopify shares to a “sell” rating in a Thursday, June 30, research report. KeyCorp lowered its price target on Shopify stock from $65.00 to $50.00 and set an “overweight” rating for the company in a Thursday, July 7 research report. Finally, JMP Securities began covering Shopify shares in a research note on Tuesday, July 5. They issued a “market performance” rating on the stock. Two investment analysts gave the stock a sell rating, eighteen gave the company a hold rating and twenty gave the company a buy rating. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $85.07.
Shopify price performance
SHOP stock opened at $40.40 on Friday. The company has a market capitalization of $50.86 billion, a price-earnings ratio of 323.20 and a beta of 1.84. The company has a quick ratio of 11.84, a current ratio of 11.84 and a leverage ratio of 0.12. Shopify Inc. has a 12-month minimum of $29.72 and a 12-month maximum of $176.29. The company’s fifty-day simple moving average is $41.16 and its 200-day simple moving average is $61.13.
Shopify (NYSE: SHOP – Get a rating) (TSE:SHOP) last released its results on Thursday, May 5. The software maker reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). Shopify had a net margin of 3.77% and a return on equity of 1.94%. The company posted revenue of $1.20 billion in the quarter, against analyst estimates of $1.24 billion. In the same quarter of the previous year, the company achieved EPS of $0.13. Shopify’s quarterly revenue grew 21.7% year over year. On average, analysts expect Shopify Inc. to post -0.44 earnings per share for the current year.
Shopify Company Profile
Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, Asia-Pacific, and Latin America. The Company’s platform enables merchants to display, manage, market and sell its products through various sales channels, including web and mobile storefronts, brick-and-mortar outlets, pop-up stores, social media, native mobile apps, buy buttons and marketplaces; and helps manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, research products, leverage analytics and reports, manage cash, payments and transactions, and access funding.
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