Bleakley Financial Group LLC Sells 2,431 Shares of Shopify Inc. (NYSE:SHOP)

Bleakley Financial Group LLC cut its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 13.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,580 shares of the software maker's stock after selling 2,431 shares during the quarter. Bleakley Financial Group LLC's holdings in Shopify were worth $1,488,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Left Brain Wealth Management LLC lifted its holdings in Shopify by 16.8% during the 1st quarter. Left Brain Wealth Management LLC now owns 38,698 shares of the software maker's stock valued at $3,695,000 after purchasing an additional 5,566 shares during the last quarter. LRI Investments LLC lifted its holdings in Shopify by 33.3% during the 1st quarter. LRI Investments LLC now owns 1,185 shares of the software maker's stock valued at $113,000 after purchasing an additional 296 shares during the last quarter. Greatmark Investment Partners Inc. acquired a new stake in Shopify during the 1st quarter valued at $298,000. Pittenger & Anderson Inc. lifted its holdings in Shopify by 4.7% during the 1st quarter. Pittenger & Anderson Inc. now owns 54,394 shares of the software maker's stock valued at $5,194,000 after purchasing an additional 2,443 shares during the last quarter. Finally, Rainey & Randall Wealth Advisors Inc. acquired a new stake in Shopify during the 1st quarter valued at $296,000. 69.27% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SHOP shares. Wells Fargo & Company raised their price target on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. UBS Group dropped their target price on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a report on Friday, May 9th. The Goldman Sachs Group dropped their target price on Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. BMO Capital Markets began coverage on Shopify in a report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price for the company. Finally, Royal Bank Of Canada dropped their target price on Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and a consensus target price of $115.63.

Shopify Stock Performance

NYSE:SHOP traded up $4.95 during trading on Wednesday, reaching $120.00. The company's stock had a trading volume of 12,704,581 shares, compared to its average volume of 9,327,282. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The firm has a 50 day moving average of $108.65 and a 200-day moving average of $105.00. The firm has a market cap of $155.69 billion, a price-to-earnings ratio of 77.42, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

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.