Benedict Financial Advisors Inc. Sells 4,552 Shares of Shopify Inc. (NYSE:SHOP)

Key Points

• Benedict Financial Advisors Inc. has reduced its holdings in Shopify by 55%, selling 4,552 shares and leaving them with a total of 3,730 shares valued at approximately $356,000.
• Institutional investors own about 69.27% of Shopify's stock, with several investing new capital during the fourth quarter, including Allianz SE with a stake worth approximately $27,000.
• Analysts have varied opinions on Shopify, with one selling recommendation, eighteen holds, twenty-two buys, and two strong buys, resulting in a consensus rating of "Moderate Buy" and a price target of $119.16.

Benedict Financial Advisors Inc. trimmed its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 55.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,730 shares of the software maker's stock after selling 4,552 shares during the quarter. Benedict Financial Advisors Inc.'s holdings in Shopify were worth $356,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Allianz SE purchased 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 fourth quarter valued at about $30,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Shopify during the fourth quarter valued at about $46,000. FWL Investment Management LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $56,000. Finally, Clean Yield Group boosted its holdings in shares of Shopify by 59.9% during the first quarter. Clean Yield Group now owns 582 shares of the software maker's stock worth $56,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. KeyCorp boosted their target price on Shopify from $115.00 to $145.00 and gave the company an "overweight" rating in a research note on Tuesday. The Goldman Sachs Group dropped their price target on Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. Finally, Oppenheimer decreased their price objective on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $119.16.

Shopify Stock Up 1.9%

NYSE:SHOP traded up $2.35 on Friday, hitting $124.43. The stock had a trading volume of 6,934,211 shares, compared to its average volume of 10,473,647. The business's 50-day simple moving average is $112.05 and its two-hundred day simple moving average is $105.90. The stock has a market cap of $161.43 billion, a price-to-earnings ratio of 80.28, a price-to-earnings-growth 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.

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.