Canandaigua National Bank & Trust Co. Grows Holdings in Shopify Inc. (NYSE:SHOP)

Canandaigua National Bank & Trust Co. increased its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 28.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,526 shares of the software maker’s stock after buying an additional 3,249 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Shopify were worth $1,164,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp purchased a new stake in Shopify during the 4th quarter worth $28,000. Oliver Lagore Vanvalin Investment Group increased 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 worth $26,000 after purchasing an additional 200 shares during the last quarter. OLD Point Trust & Financial Services N A bought a new stake in shares of Shopify in the 4th quarter worth about $39,000. Cultivar Capital Inc. bought a new stake in shares of Shopify in the 2nd quarter worth about $33,000. Finally, Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the 2nd quarter worth about $33,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SHOP shares. Bank of America raised shares of Shopify from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $78.00 to $82.00 in a research report on Tuesday, July 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 target price on shares of Shopify in a research report on Thursday, August 8th. KeyCorp started coverage on shares of Shopify in a research report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 target price for the company. Wolfe Research initiated coverage on shares of Shopify in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 target price for the company. Finally, UBS Group boosted their price objective on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Shopify has an average rating of “Moderate Buy” and an average target price of $78.38.

Shopify Price Performance

SHOP stock traded up $4.29 on Friday, hitting $82.43. 7,746,218 shares of the company’s stock traded hands, compared to its average volume of 9,533,966. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The stock has a market cap of $106.23 billion, a price-to-earnings ratio of -484.82, a P/E/G ratio of 2.65 and a beta of 2.36. The stock has a fifty day moving average of $71.79 and a 200-day moving average of $68.66. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.20 by $0.06. Shopify had a net margin of 16.40% and a return on equity of 10.88%. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the business earned ($0.08) earnings per share. The business’s quarterly revenue was up 20.7% on a year-over-year basis. On average, analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal 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, 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.