Somerset Trust Co Invests $306,000 in Shopify Inc. (NYSE:SHOP)

Somerset Trust Co purchased a new position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 2,878 shares of the software maker’s stock, valued at approximately $306,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SHOP. Axxcess Wealth Management LLC lifted its holdings in shares of Shopify by 15.1% in the 2nd quarter. Axxcess Wealth Management LLC now owns 12,469 shares of the software maker’s stock valued at $824,000 after purchasing an additional 1,633 shares during the last quarter. Wealth Alliance increased its position in Shopify by 26.2% during the second quarter. Wealth Alliance now owns 6,972 shares of the software maker’s stock worth $461,000 after buying an additional 1,448 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in Shopify by 6.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 57,783 shares of the software maker’s stock valued at $3,817,000 after buying an additional 3,631 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Shopify by 0.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 31,858 shares of the software maker’s stock valued at $2,094,000 after acquiring an additional 218 shares during the period. Finally, Ieq Capital LLC grew its position in shares of Shopify by 59.3% during the second quarter. Ieq Capital LLC now owns 37,850 shares of the software maker’s stock worth $2,500,000 after acquiring an additional 14,095 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Moffett Nathanson increased their target price on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. DZ Bank cut Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. Wedbush raised Shopify from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $115.00 to $125.00 in a research report on Monday, January 6th. Finally, JMP Securities reissued a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and a consensus price target of $100.31.

Shopify Stock Down 0.2 %

Shares of NYSE:SHOP opened at $103.25 on Friday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $133.41 billion, a P/E ratio of 96.50, a P/E/G ratio of 2.18 and a beta of 2.46. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $120.72. The stock’s fifty day simple moving average is $109.06 and its 200-day simple moving average is $85.30.

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.