Mmbg Investment Advisors CO. Has $9.33 Million Stake in Shopify Inc. (NYSE:SHOP)

Mmbg Investment Advisors CO. trimmed its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 12.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 97,725 shares of the software maker's stock after selling 14,170 shares during the period. Shopify accounts for approximately 1.1% of Mmbg Investment Advisors CO.'s investment portfolio, making the stock its 22nd biggest position. Mmbg Investment Advisors CO.'s holdings in Shopify were worth $9,331,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allianz SE acquired a new position in shares of Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC grew its stake 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 acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the fourth quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC grew its stake in shares of 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 acquiring an additional 100 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Shopify in the fourth quarter valued at about $46,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Trading Up 0.5%

Shares of NYSE:SHOP opened at $113.65 on Friday. The stock's fifty day simple moving average is $103.68 and its two-hundred day simple moving average is $104.72. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The stock has a market cap of $147.45 billion, a PE ratio of 73.32, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SHOP shares. Benchmark cut their price objective on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Barclays cut their price objective on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Scotiabank cut their price objective on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. Royal Bank Of Canada cut their price objective on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Finally, UBS Group cut their price objective on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $115.66.

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.

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