Correct Capital Wealth Management Has $886,000 Position in Shopify Inc. (NYSE:SHOP)

Correct Capital Wealth Management lifted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 34.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,276 shares of the software maker's stock after purchasing an additional 2,383 shares during the quarter. Correct Capital Wealth Management's holdings in Shopify were worth $886,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Allianz SE bought a new stake in Shopify during the fourth quarter worth $27,000. Fourth Dimension Wealth LLC bought a new stake in Shopify during the fourth quarter worth $30,000. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Shopify during the fourth quarter worth $46,000. Finally, FWL Investment Management LLC bought a new stake in Shopify during the fourth quarter worth $56,000. Institutional investors own 69.27% of the company's stock.

Shopify Trading Down 2.6%

Shopify stock traded down $3.05 during trading hours on Friday, reaching $112.11. 5,574,434 shares of the stock were exchanged, compared to its average volume of 9,316,649. The company has a market cap of $145.45 billion, a P/E ratio of 72.33, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a 50 day moving average of $107.86 and a two-hundred day moving average of $104.87.

Analyst Upgrades and Downgrades

SHOP has been the topic of several analyst reports. Royal Bank Of Canada dropped their price target on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a research report on Thursday, April 17th. Wedbush reaffirmed an "outperform" rating and set a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. Barclays dropped their price target on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Jefferies Financial Group decreased their price objective on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Finally, Oppenheimer decreased their price objective on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.