Left Brain Wealth Management LLC Boosts Holdings in Shopify Inc. (NYSE:SHOP)

Left Brain Wealth Management LLC lifted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 16.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 38,698 shares of the software maker's stock after purchasing an additional 5,566 shares during the period. Shopify comprises 1.6% of Left Brain Wealth Management LLC's holdings, making the stock its 25th biggest position. Left Brain Wealth Management LLC's holdings in Shopify were worth $3,695,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. LRI Investments LLC lifted its position in Shopify by 33.3% during the first quarter. LRI Investments LLC now owns 1,185 shares of the software maker's stock valued at $113,000 after acquiring an additional 296 shares during the last quarter. Greatmark Investment Partners Inc. purchased a new stake in Shopify during the first quarter valued at approximately $298,000. Pittenger & Anderson Inc. lifted its position in Shopify by 4.7% during the first quarter. Pittenger & Anderson Inc. now owns 54,394 shares of the software maker's stock valued at $5,194,000 after acquiring an additional 2,443 shares during the last quarter. Rainey & Randall Wealth Advisors Inc. purchased a new stake in Shopify during the first quarter valued at approximately $296,000. Finally, Fulton Breakefield Broenniman LLC purchased a new stake in Shopify during the first quarter valued at approximately $613,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Down 2.6%

SHOP traded down $3.05 during midday trading on Friday, hitting $112.11. 5,574,434 shares of the company traded hands, compared to its average volume of 9,316,649. The company has a market capitalization of $145.45 billion, a price-to-earnings ratio of 72.33, a PEG ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The business has a 50 day simple moving average of $107.86 and a two-hundred day simple moving average of $104.91.

Analysts Set New Price Targets

SHOP has been the subject of a number of research analyst reports. Scotiabank decreased their price target on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. BMO Capital Markets initiated coverage on shares of Shopify in a report on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price target for the company. Morgan Stanley raised their price target on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Mizuho decreased their price target on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $110.00 price target on shares of Shopify in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $115.66.

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.