Simplicity Wealth LLC Acquires 19,023 Shares of Shopify Inc. (NYSE:SHOP)

Simplicity Wealth LLC lifted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 230.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 27,264 shares of the software maker's stock after acquiring an additional 19,023 shares during the quarter. Simplicity Wealth LLC's holdings in Shopify were worth $2,603,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Kessler Investment Group LLC purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $6,105,000. First National Corp MA ADV purchased a new position in shares of Shopify in the 4th quarter valued at $237,000. Empowered Funds LLC grew its position in shares of Shopify by 39.7% in the 4th quarter. Empowered Funds LLC now owns 31,355 shares of the software maker's stock valued at $3,334,000 after buying an additional 8,909 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Shopify by 150.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 475,564 shares of the software maker's stock valued at $51,121,000 after buying an additional 285,737 shares during the last quarter. Finally, Pittenger & Anderson Inc. grew its position in shares of Shopify by 35.9% in the 4th quarter. Pittenger & Anderson Inc. now owns 51,951 shares of the software maker's stock valued at $5,524,000 after buying an additional 13,736 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SHOP has been the subject of a number of recent research reports. Cantor Fitzgerald reiterated a "neutral" rating and set a $91.00 price target on shares of Shopify in a research note on Wednesday. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Benchmark decreased their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Phillip Securities cut shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, February 17th. Finally, The Goldman Sachs Group decreased their price target on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $115.39.

Shopify Stock Down 3.5%

Shares of SHOP traded down $3.87 during trading hours on Friday, reaching $105.34. The company's stock had a trading volume of 7,971,810 shares, compared to its average volume of 9,382,979. The firm has a market cap of $136.40 billion, a price-to-earnings ratio of 67.96, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The company has a 50 day moving average of $98.07 and a two-hundred day moving average of $105.14.

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.