PNC Financial Services Group Inc. Has $7.46 Million Holdings in Shopify Inc. (NYSE:SHOP)

PNC Financial Services Group Inc. trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,107 shares of the software maker’s stock after selling 2,382 shares during the period. PNC Financial Services Group Inc.’s holdings in Shopify were worth $7,462,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Oliver Lagore Vanvalin Investment Group raised its position in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in Shopify during the second quarter worth $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify in the 2nd quarter valued at $33,000. Rosenberg Matthew Hamilton increased its stake in shares of Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Shopify during the 2nd quarter worth $39,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 0.5 %

Shopify stock opened at $106.96 on Friday. The firm has a 50 day moving average price of $85.50 and a 200-day moving average price of $72.12. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $115.62. The company has a market capitalization of $138.02 billion, a P/E ratio of 99.96, a P/E/G ratio of 2.80 and a beta of 2.36.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SHOP. Royal Bank of Canada raised their price target on shares of Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Robert W. Baird boosted their target price on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research note on Thursday. Evercore raised their price objective on Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Finally, Loop Capital upped their target price on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.