Montrusco Bolton Investments Inc. boosted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,286 shares of the software maker's stock after buying an additional 4,127 shares during the period. Montrusco Bolton Investments Inc.'s holdings in Shopify were worth $3,642,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Shopify in the fourth quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after purchasing an additional 7,316,862 shares during the last quarter. Alliancebernstein L.P. increased its position in Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after acquiring an additional 3,849,796 shares during the period. Marshall Wace LLP lifted its holdings in shares of Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after buying an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP grew its holdings in shares of Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after acquiring an additional 1,836,294 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on SHOP shares. Wedbush restated an "outperform" rating and issued a $110.00 target price on shares of Shopify in a research note on Tuesday, April 15th. KeyCorp lowered their price objective on Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 8th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $91.00 price objective on shares of Shopify in a research note on Wednesday, June 11th. Finally, Loop Capital lowered their price objective on Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $117.45.
Read Our Latest Research Report on SHOP
Shopify Stock Performance
NYSE SHOP opened at $120.00 on Thursday. The firm's fifty day moving average price is $109.16 and its two-hundred day moving average price is $105.11. The stock has a market cap of $155.69 billion, a PE ratio of 77.42, a PEG 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.
About 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.
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