Welch & Forbes LLC Purchases 761 Shares of Shopify Inc. (NYSE:SHOP)

Welch & Forbes LLC grew its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 124,551 shares of the software maker’s stock after buying an additional 761 shares during the quarter. Welch & Forbes LLC’s holdings in Shopify were worth $13,244,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Howland Capital Management LLC increased its holdings in shares of Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock valued at $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont increased its holdings in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares in the last quarter. First United Bank & Trust increased its holdings in shares of Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after purchasing an additional 100 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in Shopify by 0.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after acquiring an additional 105 shares during the period. Finally, Redhawk Wealth Advisors Inc. grew its holdings in Shopify by 3.3% during the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after acquiring an additional 107 shares during the period. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of Shopify from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. ATB Capital lifted their target price on shares of Shopify from $145.00 to $170.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 12th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and lifted their target price for the stock from $110.00 to $140.00 in a report on Friday, December 6th. DA Davidson lifted their target price on shares of Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $120.00 target price on shares of Shopify in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

Shares of SHOP stock opened at $102.32 on Friday. The firm’s 50-day moving average is $112.42 and its 200-day moving average is $97.62. The stock has a market cap of $132.49 billion, a price-to-earnings ratio of 66.01, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. Sell-side analysts predict that Shopify Inc. will post 1.12 EPS for the current fiscal year.

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.