Financial Counselors Inc. Sells 7,434 Shares of Shopify Inc. (NYSE:SHOP)

Financial Counselors Inc. trimmed its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 64,058 shares of the software maker's stock after selling 7,434 shares during the period. Financial Counselors Inc.'s holdings in Shopify were worth $6,116,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Callan Capital LLC increased its position in Shopify by 25.6% during the 1st quarter. Callan Capital LLC now owns 6,018 shares of the software maker's stock worth $575,000 after purchasing an additional 1,225 shares in the last quarter. TD Private Client Wealth LLC grew its stake in Shopify by 6.8% in the 1st quarter. TD Private Client Wealth LLC now owns 17,392 shares of the software maker's stock valued at $1,661,000 after purchasing an additional 1,111 shares during the period. Capital Advisors Inc. OK lifted its position in shares of Shopify by 2.8% during the 1st quarter. Capital Advisors Inc. OK now owns 9,184 shares of the software maker's stock valued at $877,000 after buying an additional 251 shares during the last quarter. Pure Portfolios Holdings LLC bought a new stake in Shopify during the 1st quarter valued at $201,000. Finally, Cloud Capital Management LLC purchased a new stake in Shopify in the 1st quarter worth approximately $86,000. Institutional investors own 69.27% of the company's stock.

Shopify Price Performance

SHOP traded up $1.84 during trading on Wednesday, reaching $114.32. The company had a trading volume of 6,121,426 shares, compared to its average volume of 9,318,248. The business's fifty day moving average price is $106.85 and its 200 day moving average price is $104.83. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a market cap of $148.32 billion, a P/E ratio of 73.76, a PEG ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

Several research analysts have recently commented on SHOP shares. The Goldman Sachs Group decreased their price objective on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. National Bankshares dropped their price target on Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. BMO Capital Markets initiated coverage on shares of Shopify in a report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 target price for the company. Wedbush reiterated an "outperform" rating and set a $110.00 price target on shares of Shopify in a report on Tuesday, April 15th. Finally, DA Davidson raised their price target on shares of Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 16th. One 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $115.66.

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.