Shopify Inc. (NYSE:SHOP) Shares Purchased by Eastern Bank

Key Points

• Eastern Bank increased its stake in Shopify Inc. by 152.7% during the first quarter, owning a total of 5,357 shares worth approximately $511,000.
• Various institutional investors have recently bought shares of Shopify, leading to 69.27% of the stock being owned by hedge funds and other institutional investors.
• Wall Street analysts have an average rating of "Moderate Buy" for Shopify, with a price target around $120.34, following recent upgrades and adjustments from several firms.

Eastern Bank boosted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 152.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,357 shares of the software maker's stock after buying an additional 3,237 shares during the period. Eastern Bank's holdings in Shopify were worth $511,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of SHOP. Fourth Dimension Wealth LLC acquired a new position in Shopify during the fourth quarter worth $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Shopify during the fourth quarter worth $46,000. N.E.W. Advisory Services LLC acquired a new position in Shopify during the first quarter worth $49,000. FWL Investment Management LLC acquired a new position in Shopify during the fourth quarter worth $56,000. Finally, Clean Yield Group lifted its stake in Shopify by 59.9% during the first quarter. Clean Yield Group now owns 582 shares of the software maker's stock worth $56,000 after purchasing an additional 218 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research reports. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Scotiabank upped their price target on Shopify from $90.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Monday. Stifel Nicolaus increased their price objective on Shopify from $100.00 to $110.00 and gave the company a "hold" rating in a research note on Tuesday, July 15th. The Goldman Sachs Group reduced their price objective on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Finally, KeyCorp increased their price objective on Shopify from $115.00 to $145.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $120.34.

Shopify Trading Down 0.7%

SHOP stock opened at $122.21 on Friday. The firm has a market cap of $158.55 billion, a PE ratio of 78.85, a PEG ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a fifty day simple moving average of $113.56 and a 200 day simple moving average of $106.44.

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.

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