Pinnacle Financial Partners Inc Cuts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Pinnacle Financial Partners Inc lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 17.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,108 shares of the software maker’s stock after selling 650 shares during the period. Pinnacle Financial Partners Inc’s holdings in Shopify were worth $303,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SHOP. Private Advisor Group LLC raised its stake in shares of Shopify by 0.5% in the 3rd quarter. Private Advisor Group LLC now owns 57,244 shares of the software maker’s stock valued at $4,588,000 after acquiring an additional 268 shares during the period. Greenleaf Trust purchased a new position in shares of Shopify in the 3rd quarter valued at $301,000. International Assets Investment Management LLC raised its stake in shares of Shopify by 7,928.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,141,915 shares of the software maker’s stock valued at $91,513,000 after acquiring an additional 1,127,692 shares during the period. Dakota Wealth Management raised its stake in shares of Shopify by 14.9% in the 3rd quarter. Dakota Wealth Management now owns 8,916 shares of the software maker’s stock valued at $715,000 after acquiring an additional 1,157 shares during the period. Finally, Ballentine Partners LLC purchased a new position in shares of Shopify in the 3rd quarter valued at $415,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and raised their price target for the company from $110.00 to $140.00 in a report on Friday, December 6th. Robert W. Baird raised their price target on shares of Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Phillip Securities lowered shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, February 17th. Barclays raised their price target on shares of Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. Finally, Truist Financial raised their price target on shares of Shopify from $110.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Price Performance

Shares of SHOP opened at $115.40 on Monday. The firm’s 50 day moving average is $112.85 and its 200-day moving average is $95.60. The stock has a market capitalization of $149.42 billion, a P/E ratio of 74.45, a P/E/G ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, equities research analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.