Kingsview Wealth Management LLC Buys 5,435 Shares of Shopify Inc. (NYSE:SHOP)

Kingsview Wealth Management LLC lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 20.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 31,832 shares of the software maker's stock after buying an additional 5,435 shares during the period. Kingsview Wealth Management LLC's holdings in Shopify were worth $3,039,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Allianz SE acquired a new stake in Shopify in the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify during the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC lifted its position in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after acquiring an additional 100 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Shopify during the 4th quarter valued at approximately $46,000. Finally, FWL Investment Management LLC acquired a new stake in shares of Shopify during the 4th quarter valued at approximately $56,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SHOP shares. Stifel Nicolaus raised their price objective on shares of Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a research note on Tuesday, July 15th. National Bankshares dropped their price objective on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Oppenheimer dropped their price objective on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. BMO Capital Markets started coverage on shares of Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective for the company. Finally, Benchmark lowered their target price on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and a consensus target price of $117.58.

Shopify Trading Up 0.3%

SHOP stock traded up $0.32 on Friday, hitting $127.07. 8,468,342 shares of the company's stock traded hands, compared to its average volume of 9,288,445. The stock has a market cap of $164.86 billion, a price-to-earnings ratio of 81.98, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The stock has a fifty day moving average of $110.52 and a 200-day moving average of $105.38.

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.