Cullen Frost Bankers Inc. Purchases 787 Shares of Shopify Inc. $SHOP

Cullen Frost Bankers Inc. raised its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 407.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 980 shares of the software maker’s stock after purchasing an additional 787 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Shopify were worth $113,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SHOP. Family Legacy Financial Solutions LLC bought a new position in Shopify in the 2nd quarter valued at $25,000. Tradewinds Capital Management LLC raised its position in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares during the last quarter. Coastline Trust Co bought a new stake in shares of Shopify during the second quarter worth $29,000. Smithfield Trust Co raised its position in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after acquiring an additional 188 shares during the last quarter. Finally, Dagco Inc. bought a new stake in shares of Shopify during the first quarter worth $30,000. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 3.5%

NASDAQ:SHOP opened at $172.95 on Friday. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $174.74. The stock has a market cap of $224.78 billion, a price-to-earnings ratio of 96.62, a PEG ratio of 8.10 and a beta of 2.72. The stock has a 50-day moving average price of $149.93 and a two-hundred day moving average price of $124.17.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the previous year, the firm earned $0.26 earnings per share. The company’s revenue was up 31.1% on a year-over-year basis. Sell-side analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SHOP shares. Truist Financial boosted their target price on Shopify from $95.00 to $150.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Arete restated a “neutral” rating on shares of Shopify in a research report on Wednesday, July 23rd. The Goldman Sachs Group boosted their target price on Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. DA Davidson boosted their target price on Shopify from $125.00 to $185.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Finally, Robert W. Baird boosted their target price on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $153.30.

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.