Kestra Private Wealth Services LLC Buys 7,136 Shares of Shopify Inc. (NYSE:SHOP)

Kestra Private Wealth Services LLC grew its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,694 shares of the software maker's stock after acquiring an additional 7,136 shares during the quarter. Kestra Private Wealth Services LLC's holdings in Shopify were worth $4,936,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SHOP. Mather Group LLC. raised its position in shares of Shopify by 127.4% in the first quarter. Mather Group LLC. now owns 912 shares of the software maker's stock valued at $87,000 after purchasing an additional 511 shares during the period. Dynamic Advisor Solutions LLC bought a new stake in shares of Shopify during the 1st quarter worth approximately $382,000. GAMMA Investing LLC increased its stake in Shopify by 80.0% in the first quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock valued at $92,000 after acquiring an additional 428 shares during the last quarter. Bessemer Group Inc. lifted its stake in Shopify by 3.8% during the first quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after purchasing an additional 38,616 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock valued at $3,694,000 after purchasing an additional 432 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SHOP shares. 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 price objective on the stock. Stifel Nicolaus increased their price target on Shopify from $100.00 to $110.00 and gave the company a "hold" rating in a research report on Tuesday, July 15th. Royal Bank Of Canada lifted their price objective on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperform" rating in a report on Friday. Mizuho dropped their price target on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley lifted their price target on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus price target of $118.11.

Shopify Trading Up 1.1%

Shares of NYSE:SHOP traded up $1.36 during midday trading on Monday, hitting $128.43. The company had a trading volume of 6,410,156 shares, compared to its average volume of 9,276,969. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a market cap of $166.62 billion, a price-to-earnings ratio of 82.86, a PEG ratio of 4.82 and a beta of 2.61. The firm has a fifty day simple moving average of $110.52 and a 200 day simple moving average of $105.37.

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.