Parr Mcknight Wealth Management Group LLC Buys New Stake in Shopify Inc. (NYSE:SHOP)

Parr Mcknight Wealth Management Group LLC bought a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,695 shares of the software maker's stock, valued at approximately $287,000.

Several other hedge funds also recently made changes to their positions in SHOP. Tallon Kerry Patrick purchased a new position in Shopify during the 4th quarter valued at $230,000. Koshinski Asset Management Inc. purchased a new position in Shopify during the 4th quarter valued at $212,000. Magnus Financial Group LLC purchased a new position in Shopify during the 4th quarter valued at $243,000. SG Americas Securities LLC increased its position in Shopify by 14.3% during the 4th quarter. SG Americas Securities LLC now owns 58,100 shares of the software maker's stock valued at $6,178,000 after purchasing an additional 7,248 shares during the period. Finally, Bartlett & CO. Wealth Management LLC increased its position in Shopify by 52.9% during the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 2,600 shares of the software maker's stock valued at $276,000 after purchasing an additional 900 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NYSE SHOP traded up $1.00 during midday trading on Thursday, reaching $108.11. The stock had a trading volume of 3,712,380 shares, compared to its average volume of 9,430,845. The stock has a 50-day moving average of $95.45 and a 200-day moving average of $105.03. The company has a market capitalization of $139.98 billion, a price-to-earnings ratio of 69.80, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

Analysts Set New Price Targets

A number of research analysts have issued reports on SHOP shares. Morgan Stanley boosted their price objective on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Evercore ISI boosted their target price on shares of Shopify from $125.00 to $140.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. dropped their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Cantor Fitzgerald dropped their target price on shares of Shopify from $120.00 to $80.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, Scotiabank dropped their target price on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $115.37.

About Shopify

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.