Shopify Inc. (NYSE:SHOP) Shares Acquired by PFG Advisors

PFG Advisors raised its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 81.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,258 shares of the software maker's stock after buying an additional 3,259 shares during the quarter. PFG Advisors' holdings in Shopify were worth $693,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in SHOP. LRI Investments LLC lifted its holdings in shares of Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after buying an additional 79 shares in the last quarter. Fullcircle Wealth LLC boosted its holdings in Shopify by 2.7% in the 1st quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after purchasing an additional 110 shares during the period. Seven Mile Advisory grew its position in shares of Shopify by 2.3% during the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock valued at $539,000 after purchasing an additional 114 shares in the last quarter. Avidian Wealth Enterprises LLC increased its holdings in shares of Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after purchasing an additional 116 shares during the period. Finally, Pinnacle Financial Partners Inc raised its position in shares of Shopify by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock worth $320,000 after buying an additional 125 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

SHOP traded up $2.35 during trading on Friday, reaching $124.43. 6,934,211 shares of the company's stock were exchanged, compared to its average volume of 10,473,647. The company's fifty day simple moving average is $112.05 and its 200-day simple moving average is $105.92. The stock has a market capitalization of $161.43 billion, a P/E ratio of 80.28, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SHOP shares. The Goldman Sachs Group decreased their target price on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Oppenheimer dropped their price objective on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Wedbush reissued an "outperform" rating and issued a $110.00 target price on shares of Shopify in a research note on Tuesday, April 15th. Stifel Nicolaus raised their price objective on Shopify from $100.00 to $110.00 and gave the company a "hold" rating in a report on Tuesday, July 15th. Finally, BNP Paribas Exane cut shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $119.16.

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.