Crestwood Advisors Group LLC Reduces Stock Position in Shopify Inc. (NYSE:SHOP)

Crestwood Advisors Group LLC decreased its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 11.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,520 shares of the software maker's stock after selling 5,829 shares during the quarter. Crestwood Advisors Group LLC's holdings in Shopify were worth $4,442,000 as of its most recent SEC filing.

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

Shopify Stock Performance

Shares of Shopify stock traded up $2.53 during trading hours on Friday, reaching $124.61. 2,441,718 shares of the company were exchanged, compared to its average volume of 10,439,802. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock's fifty day moving average is $111.77 and its 200 day moving average is $105.80. The firm has a market cap of $161.67 billion, a PE ratio of 80.43, a PEG ratio of 4.82 and a beta of 2.61.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Needham & Company LLC assumed coverage on Shopify in a report on Monday, July 14th. They issued a "buy" rating and a $135.00 price objective on the stock. JPMorgan Chase & Co. lowered their price objective on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Robert W. Baird lifted their price objective on Shopify from $110.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. The Goldman Sachs Group lowered their target price on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $119.16.

Shopify 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.