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

Somerset Trust Co acquired a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,878 shares of the software maker’s stock, valued at approximately $306,000.

Several other large investors have also modified their holdings of SHOP. Sunbelt Securities Inc. grew its position in Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after acquiring an additional 105 shares during the period. Redhawk Wealth Advisors Inc. lifted its stake in shares of Shopify by 3.3% in the 4th quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock valued at $357,000 after purchasing an additional 107 shares in the last quarter. Moser Wealth Advisors LLC grew its holdings in shares of Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after purchasing an additional 128 shares during the period. Massmutual Trust Co. FSB ADV increased its position in Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after purchasing an additional 129 shares in the last quarter. Finally, Rosenberg Matthew Hamilton raised its holdings in Shopify by 28.8% in the fourth quarter. Rosenberg Matthew Hamilton now owns 586 shares of the software maker’s stock valued at $62,000 after buying an additional 131 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $103.25 on Friday. The firm has a fifty day moving average of $109.06 and a 200-day moving average of $85.30. The company has a market cap of $133.41 billion, a price-to-earnings 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 quick ratio of 7.10 and a current ratio of 7.10. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $120.72.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and increased their price objective for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and increased their price target for the company from $115.00 to $125.00 in a report on Monday, January 6th. Piper Sandler boosted their price objective on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Barclays increased their target price on Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Robert W. Baird raised their target price on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $100.31.

Shopify Company 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.