Bellecapital International Ltd. Has $6.97 Million Stock Position in Shopify Inc. (NYSE:SHOP)

Bellecapital International Ltd. boosted its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 13.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 72,988 shares of the software maker's stock after buying an additional 8,920 shares during the quarter. Shopify makes up about 1.4% of Bellecapital International Ltd.'s portfolio, making the stock its 27th biggest position. Bellecapital International Ltd.'s holdings in Shopify were worth $6,969,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allianz SE acquired a new stake in Shopify in the 4th quarter valued at approximately $27,000. PFG Private Wealth Management LLC raised its position 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 valued at $28,000 after buying an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in Shopify in the fourth quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC grew its stake in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. Finally, Sierra Ocean LLC bought a new position in Shopify in the fourth quarter valued at approximately $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on SHOP shares. National Bankshares decreased their price target on Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. UBS Group decreased their price target on Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Phillip Securities downgraded Shopify from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, February 17th. Scotiabank decreased their price target on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Finally, Truist Financial decreased their price target on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Shopify currently has an average rating of "Moderate Buy" and an average price target of $115.39.

Shopify Stock Down 3.5%

Shares of NYSE:SHOP traded down $3.87 during trading on Friday, reaching $105.34. 7,971,810 shares of the company traded hands, compared to its average volume of 9,382,997. The company's 50 day moving average is $98.64 and its two-hundred day moving average is $105.09. The firm has a market capitalization of $136.40 billion, a PE ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

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.