Shopify Inc. (NYSE:SHOP) Shares Sold by Chicago Partners Investment Group LLC

Key Points

• Chicago Partners Investment Group LLC reduced its stake in Shopify Inc. by 11.5% during Q1, ending with 17,412 shares valued at approximately $1.65 million.
• Various hedge funds have recently increased their positions in Shopify, with notable growth from Neuberger Berman Group LLC and Rockefeller Capital Management, who boosted their holdings by 66.8% and 298.8% respectively.
• Analysts have significantly raised their price targets for Shopify, with JMP Securities setting a new target of $185, reflecting positive sentiment as the company receives a consensus rating of "Moderate Buy."

Chicago Partners Investment Group LLC lowered its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 11.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,412 shares of the software maker's stock after selling 2,259 shares during the quarter. Chicago Partners Investment Group LLC's holdings in Shopify were worth $1,645,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify in the 4th quarter worth approximately $30,000. Smithfield Trust Co increased its stake in shares of Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after buying an additional 188 shares during the period. Cary Street Partners Investment Advisory LLC increased its stake in shares of Shopify by 86.8% during the first 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 during the period. Strategic Investment Solutions Inc. IL purchased a new position in Shopify in the fourth quarter valued at about $46,000. Finally, Accent Capital Management LLC purchased a new position in Shopify in the first quarter valued at about $46,000. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SHOP has been the topic of a number of research analyst reports. CIBC boosted their price target on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Arete reiterated a "neutral" rating on shares of Shopify in a research report on Wednesday, July 23rd. BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective on the stock. in a report on Monday, May 5th. National Bankshares raised their target price on Shopify from $140.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Finally, Evercore ISI raised their price objective on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $148.51.

Shopify Trading Up 1.2%

SHOP traded up $1.80 during midday trading on Tuesday, hitting $149.30. The company's stock had a trading volume of 7,170,802 shares, compared to its average volume of 10,526,981. The firm has a market cap of $193.70 billion, a P/E ratio of 96.32, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85. The firm has a 50-day moving average price of $118.32 and a two-hundred day moving average price of $108.15.

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.