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

Welch & Forbes LLC boosted its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 4.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 166,176 shares of the software maker’s stock after acquiring an additional 7,089 shares during the quarter. Welch & Forbes LLC’s holdings in Shopify were worth $24,644,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vestor Capital LLC bought a new stake in shares of Shopify during the third quarter valued at about $548,000. Kestra Investment Management LLC lifted its holdings in Shopify by 18.6% in the third quarter. Kestra Investment Management LLC now owns 2,119 shares of the software maker’s stock worth $314,000 after purchasing an additional 333 shares during the period. AlphaCore Capital LLC lifted its holdings in Shopify by 27.3% in the third quarter. AlphaCore Capital LLC now owns 7,195 shares of the software maker’s stock worth $1,067,000 after purchasing an additional 1,542 shares during the period. Kohmann Bosshard Financial Services LLC grew its position in Shopify by 0.8% in the 3rd quarter. Kohmann Bosshard Financial Services LLC now owns 9,804 shares of the software maker’s stock valued at $1,454,000 after buying an additional 73 shares in the last quarter. Finally, Fulcrum Asset Management LLP grew its position in Shopify by 11.0% in the 3rd quarter. Fulcrum Asset Management LLP now owns 51,390 shares of the software maker’s stock valued at $7,617,000 after buying an additional 5,074 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 research analyst reports. KeyCorp raised their target price on shares of Shopify from $180.00 to $185.00 and gave the company an “overweight” rating in a research note on Monday, November 2nd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Shopify from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Citizens Jmp increased their price objective on shares of Shopify from $150.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, August 6th. Wedbush reiterated an “outperform” rating and set a $176.00 price objective on shares of Shopify in a research note on Wednesday, November 4th. Finally, The Goldman Sachs Group boosted their target price on Shopify from $170.00 to $194.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $178.82.

Shopify Stock Up 2.1%

Shares of NASDAQ SHOP opened at $152.06 on Tuesday. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $180.88. The company has a market cap of $195.65 billion, a price-to-earnings ratio of 92.72, a P/E/G ratio of 3.10 and a beta of 2.65. The business has a fifty day simple moving average of $152.50 and a 200-day simple moving average of $130.14.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. The company had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. Shopify’s quarterly revenue was up 31.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.34 earnings per share. As a group, sell-side analysts expect that Shopify Inc. will post 1.47 EPS for the current fiscal year.

Shopify Company Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.