Shopify Inc. (NYSE:SHOP) Shares Acquired by Correct Capital Wealth Management

Correct Capital Wealth Management raised its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 34.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,276 shares of the software maker's stock after buying an additional 2,383 shares during the quarter. Correct Capital Wealth Management's holdings in Shopify were worth $886,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SHOP. Allianz SE purchased a new stake in shares of Shopify in the 4th quarter valued at $27,000. Fourth Dimension Wealth LLC acquired a new position in Shopify during the fourth quarter valued at $30,000. Mark Sheptoff Financial Planning LLC raised its stake in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of Shopify during the 4th quarter valued at about $46,000. Finally, FWL Investment Management LLC acquired a new stake in Shopify during the fourth quarter worth about $56,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. Mizuho decreased their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Royal Bank Of Canada cut their price objective on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. Barclays cut their price objective 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. Finally, Oppenheimer dropped their target price on Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Stock Down 2.9%

SHOP stock traded down $3.39 during mid-day trading on Friday, hitting $111.77. 3,369,646 shares of the company were exchanged, compared to its average volume of 9,295,255. The business has a fifty day simple moving average of $107.60 and a 200-day simple moving average of $104.93. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm has a market capitalization of $145.01 billion, a P/E ratio of 71.98, a PEG ratio of 4.82 and a beta of 2.61.

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.