Fulton Breakefield Broenniman LLC Takes Position in Shopify Inc. (NYSE:SHOP)

Fulton Breakefield Broenniman LLC bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,422 shares of the software maker's stock, valued at approximately $613,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Allianz SE acquired a new position in Shopify in the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC acquired a new position in Shopify in the fourth quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC boosted its position in Shopify by 50.0% in the fourth 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 in the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Shopify in the fourth quarter valued at about $46,000. Finally, FWL Investment Management LLC acquired a new position in Shopify in the fourth quarter valued at about $56,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SHOP. Loop Capital reduced their price target on shares of Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. BNP Paribas downgraded shares of Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. JPMorgan Chase & Co. dropped their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, May 9th. Barclays dropped their target price on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Finally, Morgan Stanley boosted their target price on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Stock Performance

NYSE:SHOP traded down $3.05 during trading hours on Friday, hitting $112.11. The stock had a trading volume of 5,574,434 shares, compared to its average volume of 9,316,649. The company has a market cap of $145.45 billion, a price-to-earnings ratio of 72.33, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The business's 50 day moving average is $107.86 and its 200-day moving average is $104.91.

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.