Barton Investment Management Sells 144,621 Shares of Shopify Inc. (NYSE:SHOP)

Barton Investment Management trimmed its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,728,376 shares of the software maker's stock after selling 144,621 shares during the period. Shopify comprises about 20.3% of Barton Investment Management's holdings, making the stock its 2nd biggest holding. Barton Investment Management owned 0.13% of Shopify worth $165,025,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of SHOP. Fiduciary Planning LLC raised its holdings in shares of Shopify by 50.8% during the first quarter. Fiduciary Planning LLC now owns 8,931 shares of the software maker's stock valued at $853,000 after acquiring an additional 3,010 shares during the period. Gateway Investment Advisers LLC boosted its stake in Shopify by 0.3% in the 1st quarter. Gateway Investment Advisers LLC now owns 49,583 shares of the software maker's stock worth $4,734,000 after purchasing an additional 169 shares during the period. Harrington Investments INC grew its position in Shopify by 3.0% during the 1st quarter. Harrington Investments INC now owns 4,952 shares of the software maker's stock worth $473,000 after purchasing an additional 145 shares in the last quarter. StoneCrest Wealth Management Inc. raised its stake in Shopify by 2.2% during the 1st quarter. StoneCrest Wealth Management Inc. now owns 11,064 shares of the software maker's stock valued at $1,056,000 after purchasing an additional 239 shares during the period. Finally, Arkfeld Wealth Strategies L.L.C. lifted its holdings in shares of Shopify by 26.2% in the first quarter. Arkfeld Wealth Strategies L.L.C. now owns 15,213 shares of the software maker's stock valued at $1,390,000 after purchasing an additional 3,157 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Evercore ISI lifted their price target on Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Oppenheimer lowered their target price on Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Piper Sandler upped their target price on Shopify from $94.00 to $104.00 and gave the company a "neutral" rating in a report on Wednesday, February 12th. Scotiabank decreased their price target on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. Finally, KeyCorp lowered their price objective on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $115.11.

Shopify Trading Up 6.1%

Shares of Shopify stock opened at $111.41 on Friday. The firm has a fifty day simple moving average of $96.02 and a 200-day simple moving average of $105.05. The stock has a market capitalization of $144.26 billion, a price-to-earnings ratio of 71.88, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.