Alps Advisors Inc. Purchases 2,548 Shares of Shopify Inc. (NYSE:SHOP)

Alps Advisors Inc. raised its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,733 shares of the software maker's stock after purchasing an additional 2,548 shares during the period. Alps Advisors Inc.'s holdings in Shopify were worth $2,552,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Allianz SE bought a new stake in Shopify during the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify in the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC raised its position in shares of 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 acquiring an additional 100 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Shopify during the 4th quarter worth $46,000. Finally, FWL Investment Management LLC purchased a new stake in shares of Shopify during the 4th quarter worth $56,000. 69.27% of the stock is owned by institutional investors.

Shopify Trading Down 2.6%

Shares of SHOP stock opened at $112.11 on Friday. The stock has a 50 day moving average of $107.86 and a 200 day moving average of $104.95. The stock has a market cap of $145.45 billion, a P/E ratio of 72.33, 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.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SHOP shares. Royal Bank Of Canada decreased their price objective on Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research note on Thursday, April 17th. Oppenheimer decreased their price objective on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. National Bankshares decreased their price objective on Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. The Goldman Sachs Group decreased their price objective on Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, KeyCorp decreased their price objective on Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. 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 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.

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