Rainey & Randall Wealth Advisors Inc. Buys New Holdings in Shopify Inc. (NYSE:SHOP)

Rainey & Randall Wealth Advisors Inc. acquired a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,097 shares of the software maker's stock, valued at approximately $296,000.

Other institutional investors have also recently bought and sold shares of the company. Allianz SE bought a new position in Shopify in the 4th quarter worth approximately $27,000. Fourth Dimension Wealth LLC bought a new position in Shopify in the 4th quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Shopify in the 4th quarter worth approximately $46,000. Finally, FWL Investment Management LLC bought a new position in Shopify in the 4th quarter worth approximately $56,000. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

NYSE:SHOP traded down $3.05 on Friday, hitting $112.11. 5,574,434 shares of the company's stock were exchanged, compared to its average volume of 9,316,649. The firm has a 50-day moving average price of $107.86 and a 200-day moving average price of $104.91. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market cap of $145.45 billion, a P/E ratio of 72.33, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Loop Capital dropped their price objective on shares of Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. DA Davidson lifted their target price on shares of Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Jefferies Financial Group lowered their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a report on Monday, May 5th. Royal Bank Of Canada lowered their target price on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. Finally, Wedbush reaffirmed an "outperform" rating and set a $110.00 target price on shares of Shopify in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $115.66.

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.