Montrusco Bolton Investments Inc. Sells 11,500 Shares of Shopify Inc. $SHOP

Montrusco Bolton Investments Inc. lessened its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 30.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,612 shares of the software maker’s stock after selling 11,500 shares during the period. Montrusco Bolton Investments Inc.’s holdings in Shopify were worth $3,148,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. M&T Bank Corp grew its position in shares of Shopify by 37.1% in the 4th quarter. M&T Bank Corp now owns 81,082 shares of the software maker’s stock valued at $13,051,000 after buying an additional 21,945 shares during the last quarter. Triasima Portfolio Management inc. raised its position in shares of Shopify by 11.0% during the fourth quarter. Triasima Portfolio Management inc. now owns 182,338 shares of the software maker’s stock worth $29,398,000 after acquiring an additional 18,028 shares during the last quarter. Assetmark Inc. raised its position in shares of Shopify by 6.7% during the fourth quarter. Assetmark Inc. now owns 213,583 shares of the software maker’s stock worth $34,380,000 after acquiring an additional 13,415 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Shopify by 286.6% in the fourth quarter. SG Americas Securities LLC now owns 508,723 shares of the software maker’s stock worth $81,889,000 after acquiring an additional 377,129 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Shopify by 12.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 526,114 shares of the software maker’s stock worth $84,689,000 after acquiring an additional 59,745 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Performance

Shopify stock opened at $119.46 on Friday. The stock has a market capitalization of $155.02 billion, a price-to-earnings ratio of 118.28, a PEG ratio of 3.28 and a beta of 2.58. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19. The stock’s 50 day moving average price is $111.33 and its two-hundred day moving average price is $126.74.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SHOP shares. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a research report on Tuesday, May 5th. Robert W. Baird set a $150.00 price target on shares of Shopify in a research report on Wednesday, May 6th. Citizens Jmp reduced their price objective on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 6th. Jefferies Financial Group reiterated a “hold” rating and set a $140.00 price objective (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Finally, Weiss Ratings downgraded shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $157.17.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.