Moloney Securities Asset Management LLC Sells 4,054 Shares of Shopify Inc. (NYSE:SHOP)

Moloney Securities Asset Management LLC lowered its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 9.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,481 shares of the software maker's stock after selling 4,054 shares during the period. Moloney Securities Asset Management LLC's holdings in Shopify were worth $3,865,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Axxcess Wealth Management LLC lifted its position in shares of Shopify by 17.3% during the first quarter. Axxcess Wealth Management LLC now owns 15,388 shares of the software maker's stock worth $1,469,000 after acquiring an additional 2,268 shares in the last quarter. Rehmann Capital Advisory Group raised its position in shares of Shopify by 33.5% in the first quarter. Rehmann Capital Advisory Group now owns 3,111 shares of the software maker's stock worth $297,000 after buying an additional 781 shares in the last quarter. Principal Securities Inc. raised its position in shares of Shopify by 15.6% in the first quarter. Principal Securities Inc. now owns 15,493 shares of the software maker's stock worth $1,479,000 after buying an additional 2,094 shares in the last quarter. Greenleaf Trust raised its position in shares of Shopify by 5.3% in the first quarter. Greenleaf Trust now owns 4,146 shares of the software maker's stock worth $396,000 after buying an additional 208 shares in the last quarter. Finally, Optimum Investment Advisors raised its position in shares of Shopify by 5.1% in the first quarter. Optimum Investment Advisors now owns 4,780 shares of the software maker's stock worth $456,000 after buying an additional 233 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

NYSE SHOP traded down $3.05 during mid-day trading on Friday, reaching $112.11. The stock had a trading volume of 5,574,434 shares, compared to its average volume of 9,310,497. 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 $145.45 billion, a PE ratio of 72.33, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The company has a fifty day moving average price of $107.86 and a 200 day moving average price of $104.95.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Scotiabank lowered their price objective on Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research report on Monday, April 28th. Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Morgan Stanley increased their target price on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. UBS Group reduced their target price on Shopify from $125.00 to $110.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, Wedbush reaffirmed an "outperform" rating and set a $110.00 price objective on shares of Shopify in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Shopify presently has an average rating of "Moderate Buy" and a consensus target price of $115.66.

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.