Prospect Financial Services LLC Sells 2,398 Shares of Shopify Inc. (NYSE:SHOP)

Prospect Financial Services LLC decreased its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 47.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,635 shares of the software maker's stock after selling 2,398 shares during the period. Prospect Financial Services LLC's holdings in Shopify were worth $251,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kessler Investment Group LLC purchased a new stake in Shopify during the fourth quarter valued at approximately $6,105,000. First National Corp MA ADV purchased a new stake in Shopify during the fourth quarter valued at approximately $237,000. Empowered Funds LLC increased its holdings in Shopify by 39.7% during the fourth quarter. Empowered Funds LLC now owns 31,355 shares of the software maker's stock valued at $3,334,000 after buying an additional 8,909 shares during the last quarter. Triasima Portfolio Management inc. purchased a new stake in Shopify during the fourth quarter valued at approximately $8,238,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Shopify by 150.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 475,564 shares of the software maker's stock valued at $51,121,000 after buying an additional 285,737 shares during the last quarter. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Shopify from $125.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, February 12th. National Bankshares reduced their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a report on Friday, April 25th. TD Securities increased their price objective on shares of Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a research note on Wednesday, February 12th. Finally, Wedbush reissued an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a research note on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $115.37.

Shopify Stock Up 1.4%

SHOP stock opened at $105.03 on Friday. The company has a fifty day simple moving average of $95.74 and a two-hundred day simple moving average of $105.00. The firm has a market capitalization of $136.00 billion, a P/E ratio of 67.76, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

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.

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