Econ Financial Services Corp Invests $731,000 in Shopify Inc. (NYSE:SHOP)

Econ Financial Services Corp purchased a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 7,652 shares of the software maker's stock, valued at approximately $731,000.

Other hedge funds have also recently modified their holdings of the company. Allianz SE bought a new position in shares of Shopify during the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC lifted its position in Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after acquiring an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in Shopify during the fourth quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC lifted 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 valued at $32,000 after acquiring an additional 100 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Shopify during the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SHOP shares. BNP Paribas cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. National Bankshares decreased their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. BMO Capital Markets started coverage on shares of Shopify in a research report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price for the company. Atb Cap Markets raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Stock Performance

SHOP stock opened at $114.42 on Wednesday. The firm has a market cap of $148.45 billion, a PE ratio of 73.82, a P/E/G ratio of 4.82 and a beta of 2.63. The firm's fifty day moving average is $101.89 and its 200 day moving average is $104.76. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

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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