SteelPeak Wealth LLC Purchases 4,508 Shares of Shopify Inc. (NYSE:SHOP)

SteelPeak Wealth LLC lifted its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 10.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 46,303 shares of the software maker's stock after purchasing an additional 4,508 shares during the quarter. SteelPeak Wealth LLC's holdings in Shopify were worth $4,421,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Allianz SE purchased a new stake in Shopify during the fourth quarter valued at about $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC boosted its holdings 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 purchasing an additional 100 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Shopify during the fourth quarter worth about $46,000. Finally, FWL Investment Management LLC purchased a new stake in shares of Shopify during the fourth quarter worth about $56,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SHOP. Morgan Stanley increased their target price on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a report on Friday, May 9th. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. The Goldman Sachs Group dropped their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Finally, Royal Bank Of Canada dropped their target price on shares of Shopify from $145.00 to $125.00 and set an "outperform" rating for the company in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Stock Down 2.6%

Shares of NYSE SHOP traded down $3.05 on Friday, reaching $112.11. 5,574,434 shares of the company's stock traded hands, compared to its average volume of 9,316,649. The company has a market cap of $145.45 billion, a price-to-earnings ratio of 72.33, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The business's 50 day simple moving average is $107.86 and its two-hundred day simple moving average is $104.91. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

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.