Shopify Inc. (NYSE:SHOP) Shares Sold by Meridian Wealth Management LLC

Key Points

• Meridian Wealth Management LLC reduced its stake in Shopify by 2.2% in Q1, holding 123,530 shares valued at approximately $11.8 million after selling 2,821 shares.
• Shopify's stock has seen high interest from analysts, with price targets revised upwards by firms such as JPMorgan Chase, reaching up to $179.00.
• Hedge funds and institutional investors collectively own 69.27% of Shopify's stock, indicating significant market trust in the company.

Meridian Wealth Management LLC lessened its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 123,530 shares of the software maker's stock after selling 2,821 shares during the quarter. Meridian Wealth Management LLC's holdings in Shopify were worth $11,795,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the 4th quarter valued at approximately $30,000. Smithfield Trust Co lifted its stake in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in shares of Shopify by 86.8% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify in the 4th quarter valued at approximately $46,000. Finally, Accent Capital Management LLC bought a new stake in shares of Shopify in the 1st quarter valued at approximately $46,000. Institutional investors own 69.27% of the company's stock.

Shopify Trading Up 1.2%

Shopify stock traded up $1.80 during midday trading on Tuesday, hitting $149.30. 7,172,887 shares of the stock were exchanged, compared to its average volume of 10,527,135. Shopify Inc. has a fifty-two week low of $65.86 and a fifty-two week high of $156.85. The stock has a market capitalization of $193.70 billion, a price-to-earnings ratio of 96.32, a PEG ratio of 4.82 and a beta of 2.63. The stock's 50-day simple moving average is $119.20 and its 200 day simple moving average is $108.43.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SHOP shares. Oppenheimer increased their price target on Shopify from $145.00 to $180.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Evercore ISI increased their price target on Shopify from $120.00 to $170.00 and gave the stock an "outperform" rating in a report on Friday. Loop Capital downgraded Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target on the stock. in a report on Tuesday, July 22nd. Stifel Nicolaus increased their price target on Shopify from $110.00 to $150.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, The Goldman Sachs Group increased their price objective on Shopify from $120.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $148.51.

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.