Toth Financial Advisory Corp Grows Position in Shopify Inc. (NYSE:SHOP)

Toth Financial Advisory Corp boosted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 42.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,775 shares of the software maker's stock after purchasing an additional 2,623 shares during the period. Toth Financial Advisory Corp's holdings in Shopify were worth $838,000 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. Norges Bank bought a new stake in Shopify in the fourth quarter valued at $1,542,262,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Shopify by 631.3% during the fourth quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after buying an additional 3,849,796 shares during the period. Marshall Wace LLP raised its stake in Shopify by 623.8% in the fourth quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock worth $198,932,000 after buying an additional 2,228,091 shares in the last quarter. Finally, Durable Capital Partners LP lifted its holdings in Shopify by 86.9% in the fourth quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock worth $420,041,000 after buying an additional 1,836,294 shares during the period. Institutional investors own 69.27% of the company's stock.

Shopify Trading Up 2.3%

Shares of NYSE SHOP traded up $2.46 during trading hours on Tuesday, hitting $110.26. 6,532,041 shares of the company traded hands, compared to its average volume of 9,404,739. The stock has a market capitalization of $142.77 billion, a price-to-earnings ratio of 71.14, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company's 50 day moving average price is $96.16 and its 200 day moving average price is $105.05. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SHOP. ATB Capital increased their target price on Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 12th. TD Securities increased their price objective on Shopify from $100.00 to $130.00 and gave the stock a "hold" rating in a report on Wednesday, February 12th. Citigroup boosted their target price on shares of Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. National Bankshares reduced their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, UBS Group lowered their price target on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. One investment 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 given a strong buy rating to the company. According to MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average price target of $115.11.

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.