Montrusco Bolton Investments Inc. Has $2.82 Million Position in Shopify Inc. (NYSE:SHOP)

Montrusco Bolton Investments Inc. cut its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,111 shares of the software maker’s stock after selling 272 shares during the period. Montrusco Bolton Investments Inc.’s holdings in Shopify were worth $2,816,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meridian Wealth Management LLC boosted its position in Shopify by 24.1% in the third quarter. Meridian Wealth Management LLC now owns 115,781 shares of the software maker’s stock valued at $9,279,000 after buying an additional 22,502 shares in the last quarter. Raymond James Trust N.A. boosted its position in Shopify by 121.3% in the third quarter. Raymond James Trust N.A. now owns 24,813 shares of the software maker’s stock valued at $1,989,000 after buying an additional 13,600 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Shopify by 6.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker’s stock valued at $193,802,000 after buying an additional 136,530 shares in the last quarter. Banco Santander S.A. lifted its position in shares of Shopify by 0.6% during the third quarter. Banco Santander S.A. now owns 72,177 shares of the software maker’s stock worth $5,784,000 after purchasing an additional 454 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Shopify by 52.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock worth $308,390,000 after purchasing an additional 1,325,350 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research reports. Truist Financial upped their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Wells Fargo & Company upped their target price on shares of Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Evercore upped their target price on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Benchmark reiterated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. Finally, KeyCorp boosted their price target on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Price Performance

Shares of SHOP opened at $106.96 on Friday. The firm has a market capitalization of $138.02 billion, a PE ratio of 99.96, a PEG ratio of 2.80 and a beta of 2.36. The company’s 50-day moving average is $85.50 and its 200-day moving average is $72.15. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Shopify 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.