Grove Bank & Trust Has $3.35 Million Stake in Shopify Inc. (NYSE:SHOP)

Grove Bank & Trust raised its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,522 shares of the software maker’s stock after purchasing an additional 1,087 shares during the quarter. Grove Bank & Trust’s holdings in Shopify were worth $3,352,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Whitaker Myers Wealth Managers LTD. acquired a new stake in shares of Shopify during the fourth quarter worth approximately $459,000. Smith Salley Wealth Management purchased a new stake in Shopify in the 4th quarter worth approximately $210,000. HB Wealth Management LLC boosted its stake in shares of Shopify by 27.7% during the 4th quarter. HB Wealth Management LLC now owns 11,827 shares of the software maker’s stock valued at $1,258,000 after buying an additional 2,569 shares during the period. Trust Co. of Vermont grew its holdings in shares of Shopify by 9.9% during the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after acquiring an additional 100 shares in the last quarter. Finally, Stonekeep Investments LLC acquired a new position in shares of Shopify in the fourth quarter worth $230,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 0.2 %

Shares of Shopify stock opened at $103.25 on Friday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The firm has a market capitalization of $133.41 billion, a PE ratio of 96.50, a price-to-earnings-growth ratio of 2.18 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The company’s fifty day moving average price is $109.39 and its two-hundred day moving average price is $85.57.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Robert W. Baird lifted their price objective on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group boosted their price target on Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Barclays increased their price objective on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Piper Sandler lifted their target price on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Finally, KeyCorp increased 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, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.31.

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.