Triasima Portfolio Management inc. Acquires 79,354 Shares of Shopify Inc. (NYSE:SHOP)

Triasima Portfolio Management inc. boosted its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 102.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 156,799 shares of the software maker's stock after purchasing an additional 79,354 shares during the quarter. Shopify makes up 2.9% of Triasima Portfolio Management inc.'s portfolio, making the stock its 5th biggest position. Triasima Portfolio Management inc.'s holdings in Shopify were worth $14,915,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Mather Group LLC. increased its holdings in shares of Shopify by 127.4% during the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after acquiring an additional 511 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Shopify during the first quarter valued at $382,000. GAMMA Investing LLC increased its holdings in shares of Shopify by 80.0% during the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after acquiring an additional 428 shares in the last quarter. Bessemer Group Inc. increased its holdings in shares of Shopify by 3.8% during the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock valued at $101,163,000 after acquiring an additional 38,616 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Shopify by 1.1% during the first quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after acquiring an additional 432 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several recent analyst reports. Jefferies Financial Group dropped their price objective on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Needham & Company LLC initiated coverage on Shopify in a research report on Monday. They set a "buy" rating and a $135.00 price objective on the stock. UBS Group dropped their price objective on Shopify from $125.00 to $110.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $91.00 price objective on shares of Shopify in a research report on Wednesday, June 11th. Finally, DA Davidson increased their price objective 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, fifteen have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $117.45.

Shopify Trading Up 0.2%

Shares of SHOP traded up $0.30 during trading hours on Friday, hitting $127.05. The company had a trading volume of 4,964,579 shares, compared to its average volume of 9,259,808. The company has a market capitalization of $164.83 billion, a PE ratio of 81.59, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The company's fifty day moving average price is $109.81 and its two-hundred day moving average price is $105.25.

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.