Welch & Forbes LLC Has $13.71 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Welch & Forbes LLC increased its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 15.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 143,601 shares of the software maker's stock after buying an additional 19,050 shares during the period. Welch & Forbes LLC's holdings in Shopify were worth $13,711,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SHOP. Allianz SE acquired a new stake in Shopify in the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC bought a new position in shares of Shopify during the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC grew its stake in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Shopify in the fourth quarter worth about $46,000. Finally, FWL Investment Management LLC bought a new stake in Shopify in the fourth quarter valued at about $56,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Performance

Shares of NYSE SHOP traded up $6.81 during trading on Thursday, hitting $126.81. The company had a trading volume of 11,287,217 shares, compared to its average volume of 9,292,029. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The business's 50-day moving average is $109.16 and its 200 day moving average is $105.11. The company has a market cap of $164.52 billion, a P/E ratio of 81.64, a PEG ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

A number of research firms have commented on SHOP. National Bankshares reduced their target price on Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. KeyCorp reduced 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. BNP Paribas Exane downgraded shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a report on Monday, May 5th. Needham & Company LLC assumed coverage on shares of Shopify in a report on Monday. They set a "buy" rating and a $135.00 target price on the stock. Finally, Wedbush restated an "outperform" rating and issued a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $117.45.

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.