4,444 Shares in Shopify Inc. (NYSE:SHOP) Bought by Riverstone Advisors LLC

Riverstone Advisors LLC purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,444 shares of the software maker's stock, valued at approximately $424,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Allianz SE purchased a new stake in shares of Shopify in the fourth quarter worth approximately $27,000. PFG Private Wealth Management LLC increased its stake in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after buying an additional 256 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in Shopify in the 4th quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC lifted 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 buying an additional 100 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Shopify during the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Down 2.3%

NYSE SHOP traded down $2.68 during midday trading on Tuesday, hitting $112.67. The company had a trading volume of 5,533,924 shares, compared to its average volume of 9,308,287. The firm has a fifty day simple moving average of $104.35 and a two-hundred day simple moving average of $104.65. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a market cap of $146.18 billion, a price-to-earnings ratio of 72.69, a P/E/G ratio of 4.82 and a beta of 2.63.

Analyst Ratings Changes

SHOP has been the topic of a number of research reports. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 price target on shares of Shopify in a research note on Wednesday, June 11th. BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price on the stock. in a research report on Monday, May 5th. BMO Capital Markets started coverage on Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price target for the company. Morgan Stanley boosted their price target on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, BNP Paribas downgraded Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and an average target price of $115.66.

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.