Nwam LLC Invests $3.54 Million in Shopify Inc. (NYSE:SHOP)

Nwam LLC purchased a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 37,023 shares of the software maker's stock, valued at approximately $3,535,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. LRI Investments LLC increased its position in shares of Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after acquiring an additional 79 shares during the last quarter. Mark Sheptoff Financial Planning LLC increased its position in shares of Shopify by 50.0% during 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 during the last quarter. Fullcircle Wealth LLC increased its position in shares of Shopify by 2.7% during the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after acquiring an additional 110 shares during the last quarter. Seven Mile Advisory increased its position in shares of Shopify by 2.3% during the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock valued at $539,000 after acquiring an additional 114 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC increased its position in shares of Shopify by 3.4% during the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock valued at $337,000 after acquiring an additional 116 shares during the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Price Performance

Shopify stock traded down $0.62 during trading on Friday, reaching $126.13. 3,526,707 shares of the company were exchanged, compared to its average volume of 9,254,079. The company has a market capitalization of $163.64 billion, a P/E ratio of 81.40, a PEG ratio of 4.82 and a beta of 2.61. The stock's 50 day simple moving average is $109.81 and its two-hundred day simple moving average is $105.25. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

Wall Street Analysts Forecast Growth

SHOP has been the subject of a number of research analyst reports. Loop Capital decreased their price target on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. UBS Group reduced their price objective on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Needham & Company LLC began coverage on Shopify in a report on Monday. They set a "buy" rating and a $135.00 price objective for the company. Finally, BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $117.45.

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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