Shopify Inc. (NYSE:SHOP) Shares Sold by Diversify Wealth Management LLC

Diversify Wealth Management LLC reduced its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 30.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 45,315 shares of the software maker's stock after selling 19,637 shares during the period. Diversify Wealth Management LLC's holdings in Shopify were worth $4,483,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. LRI Investments LLC raised its position in shares of Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after acquiring an additional 79 shares in the last quarter. Tidemark LLC lifted its holdings in shares of Shopify by 3.6% in the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock valued at $276,000 after buying an additional 90 shares during the period. Mark Sheptoff Financial Planning LLC lifted its holdings 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 buying an additional 100 shares during the period. Fullcircle Wealth LLC lifted its holdings in shares of Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after buying an additional 110 shares during the period. Finally, Seven Mile Advisory lifted its holdings in shares of Shopify by 2.3% in the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock valued at $539,000 after buying an additional 114 shares during the period. 69.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

SHOP has been the subject of a number of analyst reports. KeyCorp reduced their price target on Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Mizuho reduced their target price on Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Stock Down 2.6%

NYSE:SHOP traded down $3.05 during mid-day trading on Friday, reaching $112.11. 5,574,434 shares of the stock were exchanged, compared to its average volume of 9,310,497. The company has a 50 day simple moving average of $107.86 and a 200-day simple moving average of $104.95. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock has a market capitalization of $145.45 billion, a P/E ratio of 72.33, a P/E/G ratio of 4.82 and a beta of 2.61.

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.