Marcum Wealth LLC Has $450,000 Stake in Shopify Inc. (NYSE:SHOP)

Marcum Wealth LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 59.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,708 shares of the software maker's stock after selling 6,890 shares during the quarter. Marcum Wealth LLC's holdings in Shopify were worth $450,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Allianz SE acquired a new stake in shares of Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC grew its position in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in Shopify in the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC grew its holdings in Shopify by 50.0% in the 4th 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 during the last quarter. Finally, New Wave Wealth Advisors LLC acquired a new stake in Shopify in the 4th quarter valued at approximately $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

Shares of SHOP stock traded down $2.73 during trading hours on Friday, reaching $104.97. The company had a trading volume of 12,180,186 shares, compared to its average volume of 9,446,461. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a 50 day moving average of $95.31 and a 200 day moving average of $105.13. The firm has a market cap of $135.92 billion, a price-to-earnings ratio of 67.72, a P/E/G ratio of 4.82 and a beta of 2.66.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. National Bankshares decreased their price target on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company raised their price target on shares of Shopify from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Wedbush restated an "outperform" rating and issued a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. Finally, Truist Financial decreased their target price on Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $115.37.

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.