Bristlecone Advisors LLC Decreases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Bristlecone Advisors LLC sold 3,499 shares of Shopify Inc. (NYSE:SHOP), reducing its stake by 14.3%, bringing its total holdings to 20,918 shares valued at approximately $1,997,000.
• Several hedge funds have increased their investments in Shopify, with LRI Investments LLC boosting its position by 9.8%, highlighting growing institutional interest, which now accounts for 69.27% of the stock.
• Shopify's stock price recently opened at $151.07, experiencing a decline of 2.5%, while analysts have raised their price targets, indicating a moderate buy consensus for the stock.

Bristlecone Advisors LLC cut its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 14.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,918 shares of the software maker's stock after selling 3,499 shares during the quarter. Bristlecone Advisors LLC's holdings in Shopify were worth $1,997,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fourth Dimension Wealth LLC purchased a new position in Shopify in the 4th quarter valued at about $30,000. Smithfield Trust Co lifted 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 buying an additional 188 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted 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 buying an additional 165 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Shopify in the 4th quarter valued at about $46,000. Finally, Accent Capital Management LLC purchased a new position in Shopify in the 1st quarter worth approximately $46,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on SHOP shares. Royal Bank Of Canada raised their target price on shares of Shopify from $145.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday. Benchmark reissued a "buy" rating and issued a $140.00 target price (up from $125.00) on shares of Shopify in a research note on Tuesday. BMO Capital Markets raised their target price on shares of Shopify from $120.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday. Arete Research raised shares of Shopify to a "hold" rating in a research note on Wednesday, July 23rd. Finally, Truist Financial raised their target price on shares of Shopify from $95.00 to $150.00 and gave the stock a "hold" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Performance

Shares of NYSE:SHOP traded down $1.46 during trading on Friday, hitting $149.61. The company's stock had a trading volume of 9,567,891 shares, compared to its average volume of 10,552,143. The business has a 50 day moving average price of $117.50 and a two-hundred day moving average price of $107.86. The company has a market capitalization of $194.10 billion, a PE ratio of 96.52, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85.

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.