AE Wealth Management LLC Sells 3,213 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• AE Wealth Management LLC sold 3,213 shares of Shopify Inc., reducing its holdings by 11.4% to a total of 24,942 shares valued at approximately $2.38 million.
• Other institutional investors also adjusted their stakes in Shopify, with Y Intercept Hong Kong Ltd increasing its holdings by 160.5% during the first quarter.
• Shopify's stock is experiencing fluctuations, currently priced at $124.43, with a twelve-month high of $129.38 and a consensus target price of $119.16.

AE Wealth Management LLC decreased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 11.4% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 24,942 shares of the software maker's stock after selling 3,213 shares during the period. AE Wealth Management LLC's holdings in Shopify were worth $2,381,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of SHOP. Sustainable Growth Advisers LP lifted its position in Shopify by 7.8% during the 1st quarter. Sustainable Growth Advisers LP now owns 115,085 shares of the software maker's stock worth $10,988,000 after buying an additional 8,306 shares in the last quarter. WMG Financial Advisors LLC raised its holdings in Shopify by 22.0% during the first quarter. WMG Financial Advisors LLC now owns 2,440 shares of the software maker's stock worth $233,000 after acquiring an additional 440 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in Shopify by 160.5% during the first quarter. Y Intercept Hong Kong Ltd now owns 86,063 shares of the software maker's stock valued at $8,217,000 after purchasing an additional 53,029 shares during the last quarter. PFG Advisors boosted its position in Shopify by 81.5% during the first quarter. PFG Advisors now owns 7,258 shares of the software maker's stock valued at $693,000 after purchasing an additional 3,259 shares during the last quarter. Finally, Integrity Investment Advisors LLC bought a new position in Shopify in the first quarter valued at approximately $437,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Up 1.9%

SHOP opened at $124.43 on Friday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a 50-day simple moving average of $112.05 and a 200 day simple moving average of $105.90. The stock has a market capitalization of $161.43 billion, a price-to-earnings ratio of 80.28, a P/E/G ratio of 4.82 and a beta of 2.61.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SHOP shares. Jefferies Financial Group dropped their price objective on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Scotiabank dropped their price target on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research report on Monday, April 28th. Barclays decreased their price objective on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Morgan Stanley upped their target price on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Finally, Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 target price for the company. in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $119.16.

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.

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