Exchange Traded Concepts LLC Has $3.79 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Exchange Traded Concepts LLC boosted its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 30.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 39,718 shares of the software maker's stock after purchasing an additional 9,271 shares during the period. Exchange Traded Concepts LLC's holdings in Shopify were worth $3,792,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Allianz SE acquired a new stake in Shopify during the fourth quarter valued at $27,000. PFG Private Wealth Management LLC boosted 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 purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the fourth quarter valued at $30,000. Mark Sheptoff Financial Planning LLC boosted 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 purchasing an additional 100 shares during the last quarter. Finally, Sierra Ocean LLC acquired a new stake in Shopify during the fourth quarter valued at $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

SHOP has been the subject of a number of research reports. Wells Fargo & Company lifted their price objective on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. The Goldman Sachs Group cut 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. JPMorgan Chase & Co. cut their target price on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Cantor Fitzgerald restated a "neutral" rating and set a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. Finally, Jefferies Financial Group cut their target price on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Price Performance

Shares of SHOP opened at $108.37 on Tuesday. The company has a market capitalization of $140.60 billion, a P/E ratio of 69.92, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The business's 50 day simple moving average is $99.26 and its 200-day simple moving average is $104.94.

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.

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