M&T Bank Corp lowered its stake in Shopify Inc (NYSE:SHOP) (TSE:SHOP) by 8.5% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 18,152 shares of the software maker’s stock after selling 1,691 shares during the quarter. M&T Bank Corp’s holdings in Shopify were worth $17,230,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. New Capital Management LP lifted its holdings in Shopify by 180.0% in the second quarter. New Capital Management LP now owns 28 shares of the software maker’s stock worth $27,000 after purchasing an additional 18 shares during the period. Lenox Wealth Advisors LLC lifted its holdings in Shopify by 277.8% in the second quarter. Lenox Wealth Advisors LLC now owns 34 shares of the software maker’s stock worth $32,000 after purchasing an additional 25 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its holdings in Shopify by 516.7% in the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 37 shares of the software maker’s stock worth $35,000 after purchasing an additional 31 shares during the period. Engrave Wealth Partners LLC lifted its holdings in Shopify by 96.0% in the second quarter. Engrave Wealth Partners LLC now owns 49 shares of the software maker’s stock worth $46,000 after purchasing an additional 24 shares during the period. Finally, Key Financial Inc acquired a new stake in Shopify in the first quarter worth about $34,000. 60.17% of the stock is owned by institutional investors and hedge funds.
NYSE:SHOP opened at $1,024.00 on Friday. Shopify Inc has a fifty-two week low of $282.08 and a fifty-two week high of $1,107.92. The stock’s 50-day moving average is $935.14 and its two-hundred day moving average is $641.42. The stock has a market cap of $122.99 billion, a PE ratio of -1,678.66 and a beta of 1.61.
Several equities research analysts recently weighed in on SHOP shares. Wells Fargo & Co upped their price objective on shares of Shopify from $700.00 to $1,000.00 and gave the stock a “hold” rating in a report on Thursday. Credit Suisse Group boosted their price target on shares of Shopify from $700.00 to $850.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Jefferies Financial Group reiterated a “hold” rating and issued a $725.00 price target on shares of Shopify in a research report on Tuesday. Argus started coverage on shares of Shopify in a research report on Wednesday, July 1st. They issued a “buy” rating and a $1,050.00 price target on the stock. Finally, Pi Financial reiterated a “buy” rating and issued a $830.00 price target on shares of Shopify in a research report on Monday, May 4th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Shopify presently has an average rating of “Hold” and an average target price of $927.71.
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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