Cambridge Investment Research Advisors Inc. Has $17.55 Million Stake in Shopify Inc. (NYSE:SHOP)

Cambridge Investment Research Advisors Inc. decreased its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 3.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 183,767 shares of the software maker's stock after selling 6,009 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Shopify were worth $17,546,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Allianz SE acquired a new position in Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC increased its holdings in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after purchasing an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in Shopify in the fourth quarter worth $30,000. Mark Sheptoff Financial Planning LLC boosted 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 worth $32,000 after purchasing an additional 100 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Shopify during the 4th quarter worth about $46,000. 69.27% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Benchmark decreased their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. The Goldman Sachs Group cut their price target on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley raised their price target on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. KeyCorp reduced their target price on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, BNP Paribas Exane cut shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective on the stock. in a research note on Monday, May 5th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average target price of $115.66.

Shopify Stock Up 4.0%

Shares of SHOP stock traded up $4.43 during trading hours on Tuesday, reaching $114.41. The company's stock had a trading volume of 8,387,854 shares, compared to its average volume of 9,302,712. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market capitalization of $148.43 billion, a price-to-earnings ratio of 73.81, a PEG ratio of 4.82 and a beta of 2.63. The firm's 50 day simple moving average is $101.28 and its 200-day simple moving average is $104.69.

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.