Pinnacle Wealth Management Advisory Group LLC Acquires New Position in Shopify Inc. (NYSE:SHOP)

Key Points

• Pinnacle Wealth Management Advisory Group LLC acquired 7,649 shares of Shopify Inc. valued at approximately $730,000, marking a significant investment in the company during the first quarter.
• Analyst ratings for Shopify stock are mixed, with price targets ranging from $90.00 to $145.00, and an average rating of "Moderate Buy."
• Shopify's stock recently traded down by 1.6%, closing at $124.85, amidst a market cap of approximately $161.98 billion.

Pinnacle Wealth Management Advisory Group LLC acquired a new position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,649 shares of the software maker's stock, valued at approximately $730,000.

A number of other institutional investors and hedge funds have also bought and sold shares of SHOP. Brighton Jones LLC boosted its stake in Shopify by 2.8% during the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after buying an additional 584 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of Shopify by 112.7% in the 4th quarter. Prudential Financial Inc. now owns 36,322 shares of the software maker's stock valued at $3,864,000 after purchasing an additional 19,242 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Shopify by 3.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 57,051 shares of the software maker's stock valued at $6,068,000 after purchasing an additional 1,664 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in shares of Shopify by 100.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 6,840 shares of the software maker's stock valued at $727,000 after purchasing an additional 3,422 shares in the last quarter. Finally, Allianz SE acquired a new stake in shares of Shopify in the 4th quarter valued at $27,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. Jefferies Financial Group reduced their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Wells Fargo & Company lifted their price target on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Royal Bank Of Canada lifted their price target on Shopify from $125.00 to $145.00 and gave the company an "outperform" rating in a report on Friday, July 18th. Oppenheimer reaffirmed an "outperform" rating and issued a $145.00 price target (up from $125.00) on shares of Shopify in a report on Monday. Finally, BMO Capital Markets started coverage on Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price target for the company. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $120.34.

Shopify Price Performance

Shares of NYSE:SHOP traded down $3.77 on Friday, hitting $118.44. The company's stock had a trading volume of 6,318,628 shares, compared to its average volume of 10,335,878. The company has a 50-day simple moving average of $113.56 and a 200 day simple moving average of $106.44. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a market capitalization of $153.67 billion, a PE ratio of 76.27, a PEG ratio of 4.82 and a beta of 2.61.

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.