Shopify Inc. (NYSE:SHOP) Shares Bought by Integrated Advisors Network LLC

Integrated Advisors Network LLC raised its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 36.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,425 shares of the software maker's stock after purchasing an additional 4,117 shares during the period. Integrated Advisors Network LLC's holdings in Shopify were worth $1,473,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Tallon Kerry Patrick purchased a new stake in shares of Shopify during the 4th quarter worth $230,000. Brighton Jones LLC lifted its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after purchasing an additional 584 shares in the last quarter. Empowered Funds LLC grew its position in shares of Shopify by 39.7% in the fourth quarter. Empowered Funds LLC now owns 31,355 shares of the software maker's stock valued at $3,334,000 after purchasing an additional 8,909 shares during the last quarter. Summit Trail Advisors LLC purchased a new position in shares of Shopify during the 4th quarter worth approximately $335,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Shopify during the 4th quarter worth approximately $89,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of Shopify stock traded down $3.87 on Friday, reaching $105.34. 7,971,810 shares of the company were exchanged, compared to its average volume of 9,382,979. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market cap of $136.40 billion, a price-to-earnings ratio of 67.96, a P/E/G ratio of 4.82 and a beta of 2.63. The company's 50-day moving average is $98.07 and its two-hundred day moving average is $105.14.

Analyst Ratings Changes

Several research firms have weighed in on SHOP. Truist Financial dropped their price target on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Phillip Securities cut Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. Scotiabank reduced their target price on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. Benchmark decreased their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company boosted their price objective on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus price target of $115.39.

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.