Canandaigua National Bank & Trust Co. Makes New Investment in Shopify Inc. (NYSE:SHOP)

Canandaigua National Bank & Trust Co. acquired a new position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,277 shares of the software maker's stock, valued at approximately $745,000.5 Aggressive Growth Stocks for Long-Term InvestorsA number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Strategic Advisors LLC lifted its stake in shares of Shopify by 245.5% in the 2nd quarter. Strategic Advisors LLC now owns 24,831 shares of the software maker's stock valued at $1,640,000 after purchasing an additional 17,643 shares during the last quarter. Lbmc Investment Advisors LLC acquired a new position in shares of Shopify in the 2nd quarter valued at $591,000. Wesbanco Bank Inc. lifted its stake in shares of Shopify by 22.8% in the 2nd quarter. Wesbanco Bank Inc. now owns 97,725 shares of the software maker's stock valued at $6,455,000 after purchasing an additional 18,167 shares during the last quarter. Csenge Advisory Group lifted its stake in Shopify by 7.7% during the 2nd quarter. Csenge Advisory Group now owns 3,834 shares of the software maker's stock worth $253,000 after acquiring an additional 273 shares in the last quarter. Finally, Gill Capital Partners LLC lifted its stake in Shopify by 4.0% during the 2nd quarter. Gill Capital Partners LLC now owns 5,696 shares of the software maker's stock worth $376,000 after acquiring an additional 220 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock. Shopify Stock PerformanceShopify stock traded down $0.02 during mid-day trading on Friday, reaching $68.53. 7,691,742 shares of the company were exchanged, compared to its average volume of 10,403,343. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The firm's 50-day simple moving average is $63.23 and its two-hundred day simple moving average is $70.04. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The firm has a market cap of $88.31 billion, a PE ratio of -404.06, a price-to-earnings-growth ratio of 3.15 and a beta of 2.30. Target Stock: Shopify Partnership and Investments Signal GrowthShopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 EPS for the quarter, beating the consensus estimate of $0.08 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.84 billion. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. Equities analysts predict that Shopify Inc. will post 0.62 earnings per share for the current fiscal year. Analyst Upgrades and DowngradesSHOP has been the topic of several research reports. Benchmark reissued a "hold" rating on shares of Shopify in a research note on Tuesday. BNP Paribas raised Shopify from an "underperform" rating to an "outperform" rating in a research note on Thursday, May 2nd. Canaccord Genuity Group cut their price target on Shopify from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, May 9th. Royal Bank of Canada restated an "outperform" rating and set a $85.00 price target on shares of Shopify in a report on Thursday. Finally, Loop Capital cut their price target on Shopify from $90.00 to $80.00 and set a "hold" rating on the stock in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $77.24.Shopify Stock: Buy-the-Dip Strategy Validated as Growth SoarsRead Our Latest Stock Analysis on ShopifyAbout Shopify (Free Report)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.Featured StoriesFive stocks we like better than ShopifyHow is Compound Interest Calculated?The Cannabis Sector: Profitability Takes Center StageWhat is a Stock Market Index and How Do You Use Them?Amazon’s Stock Plunge: Is a Prime Buying Opportunity Knocking?Stock Average Calculator Buy the Dip in e.l.f. Beauty: Analysts Point to a New HighThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.→ Why did Warren Buffet dump Apple’s Stock? (From InvestorPlace) (Ad)Should you invest $1,000 in Shopify right now?Before you consider Shopify, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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