Shopify Inc. (NYSE:SHOP) Shares Purchased by Welch & Forbes LLC

Welch & Forbes LLC raised its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 15.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,601 shares of the software maker’s stock after purchasing an additional 19,050 shares during the period. Welch & Forbes LLC’s holdings in Shopify were worth $13,711,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Mather Group LLC. increased its position in Shopify by 127.4% during the first quarter. Mather Group LLC. now owns 912 shares of the software maker’s stock worth $87,000 after buying an additional 511 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in shares of Shopify in the 1st quarter valued at $382,000. GAMMA Investing LLC boosted its stake in Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after purchasing an additional 428 shares during the period. Bessemer Group Inc. increased its stake in Shopify by 3.8% in the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker’s stock valued at $101,163,000 after purchasing an additional 38,616 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Shopify by 1.1% in 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 purchasing an additional 432 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Wedbush restated an “outperform” rating and issued a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. Jefferies Financial Group dropped their price objective on shares of Shopify from $130.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Robert W. Baird upped their price objective on shares of Shopify from $110.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday. The Goldman Sachs Group dropped their price target on shares of Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Finally, Benchmark lowered their price objective on Shopify from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.63.

Shopify Stock Down 1.4%

Shopify stock opened at $115.05 on Wednesday. The firm has a fifty day moving average of $108.65 and a 200-day moving average of $105.00. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market capitalization of $149.26 billion, a P/E ratio of 74.23, a PEG ratio of 4.82 and a beta of 2.61.

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.