Shopify Inc. (NYSE:SHOP) Shares Purchased by Simplicity Wealth LLC

Simplicity Wealth LLC boosted its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 230.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,264 shares of the software maker's stock after purchasing an additional 19,023 shares during the quarter. Simplicity Wealth LLC's holdings in Shopify were worth $2,603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Allianz SE purchased a new stake in shares of Shopify during the 4th quarter valued at $27,000. PFG Private Wealth Management LLC raised its stake in Shopify by 3,657.1% in the fourth 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 acquired a new stake in Shopify in the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC grew its stake in shares of Shopify by 50.0% during the fourth 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 last quarter. Finally, Sierra Ocean LLC acquired a new position in shares of Shopify during the fourth quarter valued at about $46,000. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

Shares of NYSE SHOP traded up $2.46 during midday trading on Tuesday, reaching $110.26. 6,537,404 shares of the stock were exchanged, compared to its average volume of 9,404,740. The stock has a market capitalization of $142.77 billion, a P/E ratio of 71.14, a PEG ratio of 4.82 and a beta of 2.63. The company has a 50 day simple moving average of $96.16 and a 200 day simple moving average of $105.05. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Mizuho dropped their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Scotiabank decreased their target price on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. Evercore ISI upped their price objective on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. Morgan Stanley raised their target price on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. 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 equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $115.11.

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.