Shopify Inc. (NYSE:SHOP) Stock Position Increased by NBC Securities Inc.

NBC Securities Inc. raised its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 118,862.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,517 shares of the software maker's stock after purchasing an additional 9,509 shares during the period. NBC Securities Inc.'s holdings in Shopify were worth $908,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHOP. Fiduciary Alliance LLC increased its position in shares of Shopify by 18.6% in the 1st quarter. Fiduciary Alliance LLC now owns 16,446 shares of the software maker's stock valued at $1,570,000 after acquiring an additional 2,581 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in Shopify by 54.1% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,960 shares of the software maker's stock worth $378,000 after purchasing an additional 1,391 shares during the period. Winthrop Advisory Group LLC increased its stake in shares of Shopify by 4.9% during the first quarter. Winthrop Advisory Group LLC now owns 5,320 shares of the software maker's stock worth $508,000 after purchasing an additional 250 shares in the last quarter. Somerset Trust Co raised its holdings in shares of Shopify by 20.8% during the first quarter. Somerset Trust Co now owns 3,477 shares of the software maker's stock valued at $332,000 after acquiring an additional 599 shares during the last quarter. Finally, Doliver Advisors LP lifted its holdings in Shopify by 47.4% in the 1st quarter. Doliver Advisors LP now owns 7,365 shares of the software maker's stock valued at $703,000 after purchasing an additional 2,369 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on SHOP. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. National Bankshares cut their price target on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. DA Davidson cut their price target on Shopify from $150.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Phillip Securities downgraded Shopify from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, February 17th. Finally, Barclays lowered their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $115.37.

Shopify Stock Up 1.4%

Shares of SHOP traded up $1.45 during midday trading on Thursday, hitting $105.03. The company had a trading volume of 11,084,085 shares, compared to its average volume of 9,414,644. The company's 50 day moving average price is $95.55 and its 200 day moving average price is $105.01. The stock has a market cap of $136.00 billion, a price-to-earnings ratio of 67.76, a PEG ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

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.