Alpha Cubed Investments LLC Boosts Stock Position in Shopify Inc. (NYSE:SHOP)

Alpha Cubed Investments LLC grew its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 178.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,660 shares of the software maker's stock after buying an additional 17,098 shares during the period. Alpha Cubed Investments LLC's holdings in Shopify were worth $2,545,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Allianz SE purchased a new position in shares of Shopify in the 4th quarter worth about $27,000. Fourth Dimension Wealth LLC purchased a new position in Shopify in the 4th quarter worth about $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 buying an additional 100 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Shopify in the 4th quarter worth about $46,000. Finally, FWL Investment Management LLC bought a new stake in shares of Shopify during the 4th quarter valued at about $56,000. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of Shopify stock traded down $3.29 during trading hours on Tuesday, hitting $113.37. The company's stock had a trading volume of 3,364,555 shares, compared to its average volume of 9,284,571. The stock has a market cap of $147.09 billion, a price-to-earnings ratio of 73.19, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm has a fifty day moving average of $106.58 and a 200-day moving average of $104.77.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. UBS Group cut their price target on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Scotiabank cut their price target on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Cantor Fitzgerald restated a "neutral" rating and set a $91.00 price target on shares of Shopify in a research note on Wednesday, June 11th. Wedbush reiterated an "outperform" rating and set a $110.00 price objective on shares of Shopify in a research note on Tuesday, April 15th. Finally, Wells Fargo & Company boosted their price objective on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $115.66.

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.