Shopify Inc. (NYSE:SHOP) Shares Acquired by Private Advisor Group LLC

Private Advisor Group LLC grew its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 8.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,718 shares of the software maker's stock after acquiring an additional 4,869 shares during the quarter. Private Advisor Group LLC's holdings in Shopify were worth $5,796,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in SHOP. Allianz SE purchased a new stake in Shopify in the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC purchased a new position in shares of Shopify in the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC lifted its position in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in Shopify during the 4th quarter worth about $46,000. Finally, FWL Investment Management LLC acquired a new stake in Shopify during the 4th quarter worth about $56,000. 69.27% of the stock is owned by institutional investors.

Shopify Stock Up 1.9%

NYSE:SHOP traded up $2.35 during trading hours on Friday, reaching $124.43. 6,934,211 shares of the stock were exchanged, compared to its average volume of 10,473,647. The business has a 50-day moving average of $112.05 and a two-hundred day moving average of $105.92. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market capitalization of $161.43 billion, a price-to-earnings ratio of 80.28, a PEG ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

A number of analysts have commented on the company. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. UBS Group reissued a "hold" rating on shares of Shopify in a report on Friday, July 18th. Loop Capital cut Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective for the company. in a report on Tuesday. Oppenheimer cut their price target on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $119.16.

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.