Cypress Financial Planning LLC Takes $239,000 Position in Shopify Inc. (NYSE:SHOP)

Cypress Financial Planning LLC purchased a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,503 shares of the software maker's stock, valued at approximately $239,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Tallon Kerry Patrick bought a new position in shares of Shopify in the fourth quarter worth about $230,000. Brighton Jones LLC raised its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after buying an additional 584 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Shopify by 2.7% in the fourth quarter. Pacer Advisors Inc. now owns 10,560 shares of the software maker's stock worth $1,123,000 after buying an additional 274 shares during the period. Caprock Group LLC raised its holdings in shares of Shopify by 13.5% in the fourth quarter. Caprock Group LLC now owns 17,303 shares of the software maker's stock worth $1,840,000 after buying an additional 2,055 shares during the period. Finally, Austin Private Wealth LLC purchased a new stake in shares of Shopify in the fourth quarter worth approximately $238,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. ATB Capital raised their price objective on Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 12th. DA Davidson dropped their target price on Shopify from $150.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Cantor Fitzgerald lowered their price objective on Shopify from $120.00 to $80.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. Oppenheimer lowered their price target on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Finally, UBS Group lowered their price target on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and a consensus target price of $115.37.

Shopify Stock Up 1.3%

Shares of NYSE SHOP traded up $1.38 during trading on Thursday, hitting $104.96. 5,168,103 shares of the company traded hands, compared to its average volume of 9,391,591. The company has a 50-day moving average price of $95.55 and a 200-day moving average price of $105.01. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a market capitalization of $135.90 billion, a P/E ratio of 67.72, a P/E/G ratio of 4.82 and a beta of 2.66.

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.