Brighton Jones LLC Has $1.79 Million Holdings in Shopify Inc. (NYSE:SHOP)

Brighton Jones LLC decreased its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 11.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,787 shares of the software maker's stock after selling 2,389 shares during the quarter. Brighton Jones LLC's holdings in Shopify were worth $1,794,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in SHOP. LRI Investments LLC raised its position in shares of Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after acquiring an additional 79 shares during the period. Tidemark LLC increased its stake in Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock valued at $276,000 after purchasing an additional 90 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its holdings in 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 purchasing an additional 100 shares during the period. Seven Mile Advisory boosted its position in shares of Shopify by 2.3% during the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock worth $539,000 after purchasing an additional 114 shares in the last quarter. Finally, Accurate Wealth Management LLC grew its holdings in shares of Shopify by 4.0% in the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock valued at $325,000 after buying an additional 131 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Stock Down 3.5%

Shopify stock opened at $105.34 on Monday. The company's 50-day moving average price is $98.64 and its two-hundred day moving average price is $104.99. The stock has a market cap of $136.40 billion, a P/E ratio of 67.96, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Analyst Upgrades and Downgrades

Several analysts recently commented on SHOP shares. BMO Capital Markets initiated coverage on Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective on the stock. Phillip Securities lowered Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. Wedbush reiterated an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. The Goldman Sachs Group dropped their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Barclays reduced their price target on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $115.39.

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.

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