Montecito Bank & Trust Purchases New Shares in Shopify Inc. (NYSE:SHOP)

Montecito Bank & Trust acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 2,000 shares of the software maker’s stock, valued at approximately $213,000.

Several other hedge funds have also modified their holdings of SHOP. Oliver Lagore Vanvalin Investment Group raised its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Brooklyn Investment Group acquired a new position in shares of Shopify during the 3rd quarter worth approximately $33,000. Rosenberg Matthew Hamilton lifted its position in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares in the last quarter. Truvestments Capital LLC acquired a new stake in Shopify in the 3rd quarter valued at $45,000. Finally, GAMMA Investing LLC increased its holdings in Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after acquiring an additional 253 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Citigroup lifted their target price on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. JMP Securities reiterated a “market outperform” rating and issued a $120.00 price objective on shares of Shopify in a report on Thursday, December 12th. Oppenheimer increased their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Robert W. Baird lifted their price target on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, New Street Research initiated coverage on Shopify in a research note on Friday, January 10th. They issued a “neutral” rating and a $115.00 price objective for the company. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.31.

Shopify Trading Up 1.5 %

Shares of NYSE SHOP opened at $107.74 on Friday. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $139.22 billion, a PE ratio of 100.70, a PEG ratio of 2.24 and a beta of 2.46. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $120.72. The stock has a fifty day simple moving average of $109.38 and a 200-day simple moving average of $86.64.

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.