Welch & Forbes LLC Acquires 42,581 Shares of Shopify Inc. (NYSE:SHOP)

Welch & Forbes LLC grew its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 86.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,673 shares of the software maker’s stock after buying an additional 42,581 shares during the period. Welch & Forbes LLC’s holdings in Shopify were worth $7,141,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. StoneCrest Wealth Management Inc. bought a new position in Shopify during the fourth quarter valued at $1,164,000. Asset Management One Co. Ltd. raised its position in Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after purchasing an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new stake in Shopify in the fourth quarter worth about $433,000. Bleakley Financial Group LLC boosted its stake in shares of Shopify by 18.5% during the fourth quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after purchasing an additional 1,681 shares in the last quarter. Finally, Advisor Resource Council bought a new stake in Shopify during the 4th quarter valued at $1,488,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SHOP. Citigroup raised Shopify from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $93.00 to $105.00 in a research report on Monday, April 29th. Wells Fargo & Company lowered their target price on Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. National Bankshares boosted their price target on Shopify from $80.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Roth Capital raised their price objective on shares of Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Finally, CIBC raised their price target on shares of Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, Shopify has a consensus rating of “Hold” and a consensus target price of $79.00.

Shopify Stock Down 0.4 %

Shares of SHOP stock traded down $0.31 during trading on Tuesday, reaching $77.06. The company’s stock had a trading volume of 11,324,931 shares, compared to its average volume of 9,283,911. The company has a market capitalization of $99.14 billion, a price-to-earnings ratio of 856.32 and a beta of 2.20. Shopify Inc. has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. The stock’s 50-day moving average price is $74.74 and its 200 day moving average price is $73.78.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. On average, research analysts anticipate that Shopify Inc. will post 0.59 EPS 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.