Clarity Capital Partners LLC Purchases New Stake in Shopify Inc. (NYSE:SHOP)

Clarity Capital Partners LLC purchased a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,312 shares of the software maker's stock, valued at approximately $224,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Resonant Capital Advisors LLC raised its holdings in Shopify by 4.8% in the first quarter. Resonant Capital Advisors LLC now owns 3,216 shares of the software maker's stock valued at $307,000 after acquiring an additional 148 shares in the last quarter. Cannon Global Investment Management LLC acquired a new stake in Shopify in the first quarter valued at $964,000. Vishria Bird Financial Group LLC acquired a new stake in Shopify in the first quarter valued at $259,000. Pinnacle Financial Partners Inc raised its holdings in shares of Shopify by 4.0% during the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock worth $320,000 after purchasing an additional 125 shares during the period. Finally, BLB&B Advisors LLC raised its holdings in shares of Shopify by 3.3% during the first quarter. BLB&B Advisors LLC now owns 10,100 shares of the software maker's stock worth $964,000 after purchasing an additional 325 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE:SHOP opened at $114.77 on Thursday. The stock's 50 day moving average price is $105.37 and its 200 day moving average price is $104.77. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market capitalization of $148.90 billion, a P/E ratio of 74.05, a P/E/G ratio of 4.82 and a beta of 2.63.

Analysts Set New Price Targets

A number of analysts have weighed in on SHOP shares. Wells Fargo & Company increased their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. BMO Capital Markets started coverage on shares of Shopify in a report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price on the stock. BNP Paribas Exane lowered shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target for the company. in a research report on Monday, May 5th. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. Finally, Loop Capital lowered their price target 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 given a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus 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.

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