Segment Wealth Management LLC Buys 20,052 Shares of Shopify Inc. (NYSE:SHOP)

Segment Wealth Management LLC grew its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 899.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,282 shares of the software maker's stock after purchasing an additional 20,052 shares during the quarter. Segment Wealth Management LLC's holdings in Shopify were worth $2,127,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Allianz SE purchased a new stake in shares of Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC lifted its holdings in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after buying an additional 256 shares during the period. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the 4th quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC increased its stake in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares during the period. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Shopify during the fourth quarter valued at approximately $46,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of research analyst reports. DA Davidson raised their price target on Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday. Wedbush reaffirmed an "outperform" rating and issued a $110.00 target price on shares of Shopify in a research report on Tuesday, April 15th. Morgan Stanley lifted their target price on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. The Goldman Sachs Group decreased their price target on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group lowered their price objective on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Shopify has a consensus rating of "Moderate Buy" and an average target price of $115.66.

Shopify Trading Down 0.5%

Shopify stock opened at $105.97 on Friday. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm has a market capitalization of $137.48 billion, a price-to-earnings ratio of 68.37, a P/E/G ratio of 4.82 and a beta of 2.63. The firm has a 50 day moving average of $100.28 and a 200 day moving average of $104.91.

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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