Arkfeld Wealth Strategies L.L.C. Acquires 3,157 Shares of Shopify Inc. (NYSE:SHOP)

Arkfeld Wealth Strategies L.L.C. lifted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 26.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,213 shares of the software maker's stock after acquiring an additional 3,157 shares during the period. Arkfeld Wealth Strategies L.L.C.'s holdings in Shopify were worth $1,390,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. SeaCrest Wealth Management LLC boosted its stake in shares of Shopify by 11.3% in the first quarter. SeaCrest Wealth Management LLC now owns 4,820 shares of the software maker's stock valued at $460,000 after purchasing an additional 488 shares during the period. Procyon Advisors LLC raised its holdings in shares of Shopify by 10.5% during the first quarter. Procyon Advisors LLC now owns 83,572 shares of the software maker's stock worth $7,979,000 after purchasing an additional 7,953 shares during the period. Signal Advisors Wealth LLC raised its holdings in shares of Shopify by 7.8% during the first quarter. Signal Advisors Wealth LLC now owns 13,898 shares of the software maker's stock worth $1,325,000 after purchasing an additional 1,011 shares during the period. Salvus Wealth Management LLC raised its holdings in shares of Shopify by 2.5% during the first quarter. Salvus Wealth Management LLC now owns 6,748 shares of the software maker's stock worth $644,000 after purchasing an additional 163 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Shopify by 826.9% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 7,990 shares of the software maker's stock worth $762,000 after purchasing an additional 7,128 shares during the period. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. UBS Group dropped their target price on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Piper Sandler increased their target price on shares of Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. Wedbush reaffirmed an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a report on Tuesday, April 15th. Finally, KeyCorp dropped their price target on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. One research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $115.11.

Shopify Price Performance

SHOP traded down $3.61 during midday trading on Monday, hitting $107.80. 7,714,175 shares of the company's stock traded hands, compared to its average volume of 9,415,895. The company has a market cap of $139.58 billion, a PE ratio of 69.55, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The stock's fifty day simple moving average is $96.02 and its 200-day simple moving average is $105.05. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38.

Shopify 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.