Ritholtz Wealth Management Has $2.21 Million Position in Shopify Inc. (NYSE:SHOP)

Ritholtz Wealth Management cut its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 22.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,154 shares of the software maker's stock after selling 6,752 shares during the quarter. Ritholtz Wealth Management's holdings in Shopify were worth $2,211,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Dynamic Advisor Solutions LLC acquired a new position in Shopify in the 1st quarter valued at $382,000. Tcfg Wealth Management LLC grew its holdings in Shopify by 44.3% in the 1st quarter. Tcfg Wealth Management LLC now owns 5,562 shares of the software maker's stock valued at $531,000 after buying an additional 1,707 shares in the last quarter. Opal Wealth Advisors LLC acquired a new position in Shopify in the 1st quarter valued at $96,000. Wealth Enhancement Advisory Services LLC grew its holdings in Shopify by 0.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 154,273 shares of the software maker's stock valued at $14,730,000 after buying an additional 799 shares in the last quarter. Finally, Griffin Asset Management Inc. grew its holdings in Shopify by 2.5% in the 1st quarter. Griffin Asset Management Inc. now owns 16,325 shares of the software maker's stock valued at $1,559,000 after buying an additional 400 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 2.9%

Shopify stock opened at $108.37 on Tuesday. The company has a market capitalization of $140.60 billion, a PE ratio of 69.92, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a 50-day moving average price of $99.26 and a two-hundred day moving average price of $104.94.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research reports. National Bankshares decreased their price objective on Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Wells Fargo & Company upped their price objective on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Scotiabank decreased their price objective on Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a report on Monday, April 28th. Wedbush reiterated an "outperform" rating and set a $110.00 target price on shares of Shopify in a research report on Tuesday, April 15th. Finally, Truist Financial cut their target price on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $115.66.

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.

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