Bogart Wealth LLC Cuts Position in Shopify Inc. (NYSE:SHOP)

Bogart Wealth LLC cut its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 17.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,922 shares of the software maker's stock after selling 14,197 shares during the quarter. Bogart Wealth LLC's holdings in Shopify were worth $6,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Allianz SE bought a new position in shares of Shopify in the 4th quarter worth $27,000. Fourth Dimension Wealth LLC purchased a new position in Shopify in the fourth quarter worth $30,000. Mark Sheptoff Financial Planning LLC increased its stake in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after acquiring an additional 100 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Shopify during the fourth quarter valued at about $46,000. Finally, FWL Investment Management LLC bought a new stake in Shopify during the fourth quarter worth about $56,000. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on SHOP. Needham & Company LLC began coverage on Shopify in a report on Monday. They issued a "buy" rating and a $135.00 price objective for the company. Jefferies Financial Group cut their target price on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Benchmark reduced their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. BNP Paribas lowered shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, Truist Financial cut their price objective 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 research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and an average target price of $115.77.

Shopify Trading Up 4.1%

Shares of SHOP stock traded up $4.63 during midday trading on Monday, reaching $116.74. 10,219,665 shares of the stock were exchanged, compared to its average volume of 10,618,777. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a market cap of $151.46 billion, a PE ratio of 75.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The company's 50 day moving average is $107.86 and its two-hundred day moving average is $104.87.

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.