Shopify Inc. $SHOP Stock Bought by Welch & Forbes LLC

Welch & Forbes LLC lifted its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 166,176 shares of the software maker’s stock after buying an additional 7,089 shares during the quarter. Welch & Forbes LLC’s holdings in Shopify were worth $24,644,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Graney & King LLC acquired a new position in Shopify in the first quarter valued at $27,000. Fortitude Family Office LLC purchased a new stake in Shopify during the third quarter worth approximately $29,000. MADDEN SECURITIES Corp purchased a new stake in Shopify during the 3rd quarter worth $30,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Shopify in the third quarter valued at about $32,000. Finally, Trellis Wealth Advisors LLC acquired a new stake in Shopify in the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Argus restated a “buy” rating and set a $180.00 target price on shares of Shopify in a research note on Thursday, November 5th. Barclays set a $145.00 target price on shares of Shopify and gave the stock an “equal weight” rating in a report on Thursday, August 6th. DA Davidson set a $180.00 price target on shares of Shopify and gave the stock a “buy” rating in a research report on Tuesday, November 3rd. BMO Capital Markets set a $165.00 price target on shares of Shopify and gave the company an “outperform” rating in a report on Thursday, August 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $175.00 price objective (up from $135.00) on shares of Shopify in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $178.82.

Shopify Price Performance

Shares of SHOP opened at $152.06 on Tuesday. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $180.88. The stock has a fifty day moving average price of $152.50 and a 200 day moving average price of $130.14. The company has a market cap of $195.65 billion, a P/E ratio of 92.72, a PEG ratio of 3.10 and a beta of 2.65.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The company had revenue of $3.74 billion for the quarter. During the same quarter in the previous year, the business posted $0.34 earnings per share. The business’s quarterly revenue was up 31.6% compared to the same quarter last year. As a group, research analysts anticipate that Shopify Inc. will post 1.47 earnings per share for the current year.

About Shopify

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.