Shopify Inc. $SHOP Shares Bought by Welch & Forbes LLC

Welch & Forbes LLC increased its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 3.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 150,548 shares of the software maker’s stock after purchasing an additional 4,432 shares during the period. Welch & Forbes LLC’s holdings in Shopify were worth $22,373,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC acquired a new position in shares of Shopify during the third quarter worth $4,110,000. Triton Financial Group Inc acquired a new position in Shopify in the 3rd quarter worth $1,931,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Shopify by 171.3% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 423,295 shares of the software maker’s stock valued at $48,827,000 after buying an additional 267,271 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Shopify by 4.4% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 5,231,257 shares of the software maker’s stock worth $603,425,000 after acquiring an additional 218,829 shares in the last quarter. Finally, TriaGen Wealth Management LLC purchased a new position in Shopify in the third quarter valued at about $2,562,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shares of Shopify stock opened at $131.23 on Friday. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19. The business’s fifty day moving average price is $158.37 and its two-hundred day moving average price is $151.06. The company has a market capitalization of $170.84 billion, a P/E ratio of 97.21, a PEG ratio of 4.23 and a beta of 2.83.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Shopify had a return on equity of 11.72% and a net margin of 16.65%.The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. On average, research analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SHOP. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 target price on shares of Shopify in a research report on Wednesday, November 5th. Stifel Nicolaus set a $175.00 price target on shares of Shopify in a research note on Tuesday, November 4th. National Bankshares increased their price objective on shares of Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a research note on Thursday, October 23rd. Truist Financial set a $155.00 price objective on shares of Shopify and gave the stock a “hold” rating in a report on Tuesday, November 4th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Shopify in a research report on Monday, December 29th. Twenty-four investment analysts have rated the stock with a Buy rating and twenty have assigned a Hold rating to the company. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $171.61.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.