Montrusco Bolton Investments Inc. Acquires 7,102 Shares of Shopify Inc. $SHOP

Montrusco Bolton Investments Inc. lifted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.5% in the second quarter, Holdings Channel.com reports. The fund owned 45,388 shares of the software maker’s stock after purchasing an additional 7,102 shares during the quarter. Montrusco Bolton Investments Inc.’s holdings in Shopify were worth $5,224,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Hummer Financial Advisory Services Inc increased its position in shares of Shopify by 3.8% during the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker’s stock worth $299,000 after purchasing an additional 95 shares in the last quarter. Salem Investment Counselors Inc. increased its position in shares of Shopify by 16.7% during the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker’s stock worth $81,000 after purchasing an additional 100 shares in the last quarter. Moseley Investment Management Inc. increased its position in shares of Shopify by 2.8% during the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker’s stock worth $424,000 after purchasing an additional 100 shares in the last quarter. Quadcap Wealth Management LLC increased its position in shares of Shopify by 0.9% during the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker’s stock worth $1,063,000 after purchasing an additional 103 shares in the last quarter. Finally, Centurion Wealth Management LLC increased its position in shares of Shopify by 1.7% during the 2nd quarter. Centurion Wealth Management LLC now owns 6,339 shares of the software maker’s stock worth $731,000 after purchasing an additional 103 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on SHOP shares. National Bankshares raised their price objective on shares of Shopify from $140.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. BMO Capital Markets raised their price objective on shares of Shopify from $120.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Evercore ISI raised their price objective on shares of Shopify from $120.00 to $170.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. ATB Capital cut shares of Shopify to a “sector perform” rating in a research report on Thursday, August 7th. Finally, Robert W. Baird raised their price objective on shares of Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Twenty-two equities research analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $151.95.

Shopify Price Performance

Shares of NASDAQ:SHOP opened at $151.02 on Monday. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69. The company has a 50 day moving average of $146.61 and a 200-day moving average of $119.28. The stock has a market cap of $196.27 billion, a price-to-earnings ratio of 84.37, a P/E/G ratio of 7.07 and a beta of 2.72.

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