IFP Advisors Inc Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

IFP Advisors Inc lowered its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 55.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,182 shares of the software maker's stock after selling 12,747 shares during the quarter. IFP Advisors Inc's holdings in Shopify were worth $972,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allianz SE acquired a new position in shares of Shopify during the 4th quarter valued at about $27,000. Fourth Dimension Wealth LLC purchased a new position in Shopify in the 4th quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC boosted its holdings in Shopify by 50.0% in 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 purchased a new position in Shopify in the 4th quarter worth approximately $46,000. Finally, FWL Investment Management LLC purchased a new position in Shopify in the 4th quarter worth approximately $56,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several research analyst reports. Wells Fargo & Company increased their target price on Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. BNP Paribas cut Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Arete restated a "neutral" rating on shares of Shopify in a research note on Wednesday. Arete Research raised shares of Shopify to a "hold" rating in a report on Wednesday. Finally, National Bankshares lifted their price objective on shares of Shopify from $120.00 to $140.00 and gave the company an "outperform" rating in a research note on Monday. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $119.16.

Shopify Trading Up 1.9%

Shopify stock traded up $2.35 during mid-day trading on Friday, hitting $124.43. The company's stock had a trading volume of 6,934,211 shares, compared to its average volume of 10,473,647. The firm has a market capitalization of $161.43 billion, a PE ratio of 80.28, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock's fifty day moving average is $111.77 and its two-hundred day moving average is $105.80.

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.