Janney Capital Management LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Janney Capital Management LLC purchased a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 56,889 shares of the software maker's stock, valued at approximately $5,429,000.

Several other hedge funds have also modified their holdings of the stock. LRI Investments LLC raised its stake in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after purchasing an additional 79 shares in the last quarter. Tidemark LLC raised its stake in shares of Shopify by 3.6% during the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after purchasing an additional 90 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its stake in shares of Shopify by 50.0% during 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 in the last quarter. Seven Mile Advisory raised its stake in shares of Shopify by 2.3% during the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock worth $539,000 after purchasing an additional 114 shares in the last quarter. Finally, Accurate Wealth Management LLC raised its stake in Shopify by 4.0% in the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after acquiring an additional 131 shares during the period. 69.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SHOP. BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a research note on Monday, May 5th. Truist Financial dropped their price target on Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research note on Tuesday, May 6th. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Royal Bank Of Canada dropped their price target on Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Finally, Barclays dropped their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and an average target price of $115.66.

Shopify Trading Up 0.4%

NYSE SHOP traded up $0.43 during trading on Friday, hitting $106.40. 10,345,423 shares of the company's stock were exchanged, compared to its average volume of 9,306,542. The company has a market cap of $138.04 billion, a PE ratio of 68.65, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock's 50 day moving average price is $100.74 and its two-hundred day moving average price is $104.81.

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.