Axxcess Wealth Management LLC Boosts Stock Holdings in Shopify Inc. (NYSE:SHOP)

Axxcess Wealth Management LLC boosted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 17.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,388 shares of the software maker's stock after buying an additional 2,268 shares during the quarter. Axxcess Wealth Management LLC's holdings in Shopify were worth $1,469,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Rehmann Capital Advisory Group lifted its stake in Shopify by 33.5% during the 1st quarter. Rehmann Capital Advisory Group now owns 3,111 shares of the software maker's stock worth $297,000 after acquiring an additional 781 shares in the last quarter. Principal Securities Inc. boosted its holdings in Shopify by 15.6% during the 1st quarter. Principal Securities Inc. now owns 15,493 shares of the software maker's stock valued at $1,479,000 after acquiring an additional 2,094 shares during the period. Greenleaf Trust boosted its holdings in Shopify by 5.3% during the 1st quarter. Greenleaf Trust now owns 4,146 shares of the software maker's stock valued at $396,000 after acquiring an additional 208 shares during the period. Optimum Investment Advisors boosted its holdings in Shopify by 5.1% during the 1st quarter. Optimum Investment Advisors now owns 4,780 shares of the software maker's stock valued at $456,000 after acquiring an additional 233 shares during the period. Finally, M&T Bank Corp boosted its stake in shares of Shopify by 32.5% in the first quarter. M&T Bank Corp now owns 55,406 shares of the software maker's stock valued at $5,290,000 after purchasing an additional 13,590 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of NYSE:SHOP traded down $3.05 on Friday, reaching $112.11. The company's stock had a trading volume of 5,574,434 shares, compared to its average volume of 9,310,496. The stock's 50-day moving average is $107.60 and its two-hundred day moving average is $104.93. The stock has a market capitalization of $145.45 billion, a P/E ratio of 72.33, a PEG ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Analyst Ratings Changes

SHOP has been the subject of several recent research reports. Oppenheimer lowered their price objective on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. 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. Barclays decreased their price objective on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. DA Davidson lifted their price target on shares of Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Finally, Truist Financial decreased their price target on shares of Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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.