Shopify Inc. (NYSE:SHOP) Shares Sold by Benjamin Edwards Inc.

Key Points

• Benjamin Edwards Inc. reduced its stake in Shopify Inc. by 4.0%, selling 1,710 shares and holding 41,472 shares valued at approximately $3.96 million by the end of the first quarter.
• Other institutional investors, such as Capital World Investors and Vanguard Group, have increased their holdings in Shopify, with a significant rise observed in shares, contributing to a total institutional ownership of 69.27%.
• Analysts have mixed views on Shopify, with ratings ranging from a sell to buy, and a consensus target price set at $148.51.

Benjamin Edwards Inc. cut its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,472 shares of the software maker's stock after selling 1,710 shares during the period. Benjamin Edwards Inc.'s holdings in Shopify were worth $3,960,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Fourth Dimension Wealth LLC acquired a new position in Shopify in the 4th quarter valued at about $30,000. Smithfield Trust Co raised its stake in Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares during the last quarter. Cary Street Partners Investment Advisory LLC raised its stake in Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Shopify in the 4th quarter valued at about $46,000. Finally, Accent Capital Management LLC acquired a new position in Shopify in the 1st quarter valued at about $46,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research analyst reports. Canaccord Genuity Group upped their price objective on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. CIBC upped their price objective on shares of Shopify from $145.00 to $185.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed a "sector perform" rating and set a $150.00 price objective (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. KeyCorp reaffirmed an "overweight" rating and set a $175.00 price objective (up previously from $145.00) on shares of Shopify in a research note on Thursday, August 7th. Finally, The Goldman Sachs Group upped their price objective on shares of Shopify from $120.00 to $176.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and an average price target of $148.51.

Shopify Price Performance

SHOP traded up $1.80 during trading hours on Tuesday, hitting $149.30. 7,172,887 shares of the stock were exchanged, compared to its average volume of 10,527,135. The stock has a 50-day simple moving average of $119.20 and a 200-day simple moving average of $108.43. Shopify Inc. has a 12 month low of $65.86 and a 12 month high of $156.85. The stock has a market cap of $193.70 billion, a price-to-earnings ratio of 96.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

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.