M&T Bank Corp Has $5.29 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

M&T Bank Corp increased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 32.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,406 shares of the software maker's stock after buying an additional 13,590 shares during the quarter. M&T Bank Corp's holdings in Shopify were worth $5,290,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SHOP. Allianz SE acquired a new stake in Shopify in the 4th quarter valued at about $27,000. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the fourth quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC lifted its stake in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Shopify during the fourth quarter worth approximately $46,000. Finally, FWL Investment Management LLC acquired a new position in Shopify in the fourth quarter worth approximately $56,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SHOP shares. KeyCorp cut their price objective on Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Benchmark reduced their price objective on Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. The Goldman Sachs Group decreased their price target on Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Mizuho decreased their price target on Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, DA Davidson increased their price target on Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Monday, June 16th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Price Performance

Shares of SHOP stock traded down $3.05 on Friday, hitting $112.11. The company's stock had a trading volume of 5,574,434 shares, compared to its average volume of 9,310,496. The stock has a market capitalization of $145.45 billion, a price-to-earnings ratio of 72.33, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm's fifty day moving average price is $107.60 and its 200-day moving average price is $104.93.

About Shopify

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.