Cullen Frost Bankers Inc. Sells 414 Shares of Shopify Inc. (NYSE:SHOP)

Cullen Frost Bankers Inc. trimmed its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 56.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 315 shares of the software maker’s stock after selling 414 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Shopify were worth $33,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SHOP. Baillie Gifford & Co. lifted its position in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. FMR LLC lifted its position in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after buying an additional 484,561 shares during the last quarter. National Bank of Canada FI lifted its position in shares of Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock worth $593,588,000 after buying an additional 1,621,981 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock worth $432,573,000 after buying an additional 471,280 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SHOP shares. Atb Cap Markets downgraded Shopify from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. Benchmark raised Shopify from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a report on Monday, February 10th. KeyCorp upped their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Finally, Mizuho upped their target price on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Trading Down 7.6 %

Shopify stock opened at $92.49 on Tuesday. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market capitalization of $119.76 billion, a price-to-earnings ratio of 59.67, a price-to-earnings-growth ratio of 4.82 and a beta of 2.60. The firm’s fifty day moving average price is $111.97 and its two-hundred day moving average price is $98.24.

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