Shopify Inc. (NYSE:SHOP) Shares Sold by Boothe Investment Group Inc.

Boothe Investment Group Inc. lessened its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,827 shares of the software maker's stock after selling 9,472 shares during the period. Shopify makes up 2.1% of Boothe Investment Group Inc.'s portfolio, making the stock its 20th biggest position. Boothe Investment Group Inc.'s holdings in Shopify were worth $4,660,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SHOP. Allianz SE acquired a new stake in Shopify during the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC grew its stake in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after buying an additional 256 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify in the fourth quarter worth $30,000. Mark Sheptoff Financial Planning LLC increased its position in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares in the last quarter. Finally, Sierra Ocean LLC purchased a new position in shares of Shopify in the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Up 2.9%

SHOP traded up $3.03 during trading on Monday, reaching $108.37. 7,256,953 shares of the company were exchanged, compared to its average volume of 9,340,365. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The firm has a 50 day moving average of $98.64 and a 200 day moving average of $104.99. The stock has a market cap of $140.32 billion, a P/E ratio of 69.92, a PEG ratio of 4.82 and a beta of 2.63.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SHOP shares. Mizuho decreased their price target on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. UBS Group decreased their target price on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Wells Fargo & Company raised their target price on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. DA Davidson boosted their price target on Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Monday. Finally, Loop Capital lowered their price objective on shares of Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $115.66.

Shopify Company 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.