Wesbanco Bank Inc. Has $8.86 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Wesbanco Bank Inc. decreased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,305 shares of the software maker’s stock after selling 14,801 shares during the period. Wesbanco Bank Inc.’s holdings in Shopify were worth $8,858,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SHOP. EverSource Wealth Advisors LLC grew its position in Shopify by 23.8% in the second quarter. EverSource Wealth Advisors LLC now owns 3,020 shares of the software maker’s stock valued at $185,000 after purchasing an additional 581 shares in the last quarter. Evergreen Capital Management LLC grew its position in Shopify by 12.9% in the second quarter. Evergreen Capital Management LLC now owns 10,508 shares of the software maker’s stock valued at $694,000 after purchasing an additional 1,201 shares in the last quarter. Insigneo Advisory Services LLC grew its position in Shopify by 4.1% in the second quarter. Insigneo Advisory Services LLC now owns 31,937 shares of the software maker’s stock valued at $2,109,000 after purchasing an additional 1,245 shares in the last quarter. Fred Alger Management LLC grew its position in Shopify by 274.3% in the second quarter. Fred Alger Management LLC now owns 610,839 shares of the software maker’s stock valued at $40,346,000 after purchasing an additional 447,656 shares in the last quarter. Finally, Caxton Associates LP bought a new position in Shopify in the second quarter valued at $3,963,000. Institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on SHOP shares. Barclays raised their target price on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Truist Financial raised their target price on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Piper Sandler raised their target price on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. KeyCorp lifted their price objective on shares of Shopify from $80.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, JMP Securities reissued a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $100.31.

Shopify Stock Up 0.1 %

Shopify stock opened at $106.39 on Thursday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72. The firm has a market capitalization of $137.47 billion, a price-to-earnings ratio of 99.43, a price-to-earnings-growth ratio of 2.23 and a beta of 2.46. The firm’s fifty day moving average price is $109.62 and its two-hundred day moving average price is $86.37. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify 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.