Portside Wealth Group LLC Trims Position in Shopify Inc. (NYSE:SHOP)

Portside Wealth Group LLC trimmed its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 4.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 73,096 shares of the software maker's stock after selling 3,436 shares during the period. Shopify accounts for 1.2% of Portside Wealth Group LLC's portfolio, making the stock its 14th largest holding. Portside Wealth Group LLC's holdings in Shopify were worth $6,979,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in SHOP. Allianz SE bought a new position in Shopify during the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC grew its stake in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after buying an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of Shopify during the fourth quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC raised its holdings in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after buying an additional 100 shares during the period. Finally, Mather Group LLC. lifted its stake in shares of Shopify by 84.8% during the 4th quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after acquiring an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

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 9,414,653. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The firm has a market capitalization of $136.00 billion, a P/E ratio of 67.76, a P/E/G ratio of 4.82 and a beta of 2.66. The company's 50-day simple moving average is $95.55 and its 200-day simple moving average is $105.01.

Analyst Ratings Changes

Several equities analysts have commented on the company. Wedbush reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. Wells Fargo & Company lifted their price objective on shares of Shopify from $120.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Royal Bank of Canada lowered their price objective on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Jefferies Financial Group decreased their price objective on Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a report on Monday, May 5th. Finally, UBS Group lowered their price target on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.37.

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.