Montrusco Bolton Investments Inc. Acquires 7,102 Shares of Shopify Inc. $SHOP

Montrusco Bolton Investments Inc. grew its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,388 shares of the software maker’s stock after acquiring an additional 7,102 shares during the period. Montrusco Bolton Investments Inc.’s holdings in Shopify were worth $5,224,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC bought a new stake in Shopify in the second quarter worth approximately $25,000. Coastline Trust Co bought a new stake in Shopify in the second quarter worth approximately $29,000. Smithfield Trust Co grew its position in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. bought a new stake in Shopify in the first quarter worth approximately $30,000. Finally, Global Wealth Strategies & Associates grew its position in Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock worth $30,000 after acquiring an additional 170 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shares of Shopify stock opened at $151.02 on Monday. Shopify Inc. has a fifty-two week low of $69.84 and a fifty-two week high of $169.69. The firm has a fifty day moving average price of $146.61 and a two-hundred day moving average price of $119.28. The company has a market cap of $196.27 billion, a PE ratio of 84.37, a price-to-earnings-growth ratio of 7.07 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.06. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the firm earned $0.26 EPS. The business’s revenue was up 31.1% on a year-over-year basis. Analysts expect that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on SHOP shares. Zacks Research raised shares of Shopify to a “hold” rating in a research report on Tuesday, August 12th. Royal Bank Of Canada upped their price objective on shares of Shopify from $145.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Barclays upped their price objective on shares of Shopify from $94.00 to $120.00 and gave the stock an “equal weight” rating in a report on Thursday, August 7th. National Bankshares upped their price objective on shares of Shopify from $140.00 to $180.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Finally, TD Cowen reaffirmed a “hold” rating and set a $156.00 price objective on shares of Shopify in a report on Friday, October 3rd. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $151.95.

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.