Grove Bank & Trust Raises Stake in Shopify Inc. (NYSE:SHOP)

Grove Bank & Trust increased its position in Shopify Inc. (NYSE:SHOPFree Report) (TSE:SHOP) by 47.9% during the third quarter, HoldingsChannel.com reports. The fund owned 30,435 shares of the software maker’s stock after acquiring an additional 9,850 shares during the quarter. Grove Bank & Trust’s holdings in Shopify were worth $2,439,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Capital World Investors boosted its position in shares of Shopify by 26.2% in the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Shopify by 21.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. GQG Partners LLC grew its holdings in Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock valued at $1,613,006,000 after buying an additional 13,885,473 shares during the last quarter. Finally, Capital International Investors increased its position in Shopify by 3.4% during the first quarter. Capital International Investors now owns 16,392,141 shares of the software maker’s stock worth $1,264,982,000 after buying an additional 542,503 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 0.6 %

Shares of SHOP stock traded up $0.53 during trading on Monday, hitting $83.77. 1,359,896 shares of the company were exchanged, compared to its average volume of 9,371,582. The business’s 50-day simple moving average is $74.19 and its 200 day simple moving average is $68.64. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify Inc. has a twelve month low of $45.50 and a twelve month high of $91.57. The firm has a market capitalization of $107.95 billion, a price-to-earnings ratio of 84.94, a P/E/G ratio of 2.77 and a beta of 2.36.

Shopify (NYSE:SHOPGet Free Report) (TSE:SHOP) last issued its earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s revenue was up 20.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.08) EPS. As a group, analysts forecast that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price objective on the stock in a research note on Tuesday, September 17th. Loop Capital upped their price objective on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $67.00 target price on shares of Shopify in a research note on Thursday, August 29th. Barclays upped their target price on Shopify from $65.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $78.97.

Read Our Latest Stock Report on SHOP

Shopify Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Shopify (NYSE:SHOP)

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