Focus Financial Network Inc. Reduces Stake in Shopify Inc. (NYSE:SHOP)

Focus Financial Network Inc. lessened its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 14.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,011 shares of the software maker's stock after selling 4,694 shares during the period. Focus Financial Network Inc.'s holdings in Shopify were worth $2,579,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Kessler Investment Group LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $6,105,000. Empowered Funds LLC boosted its stake in shares of Shopify by 39.7% during the fourth quarter. Empowered Funds LLC now owns 31,355 shares of the software maker's stock valued at $3,334,000 after purchasing an additional 8,909 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Shopify by 150.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 475,564 shares of the software maker's stock valued at $51,121,000 after purchasing an additional 285,737 shares in the last quarter. Pittenger & Anderson Inc. boosted its stake in shares of Shopify by 35.9% during the fourth quarter. Pittenger & Anderson Inc. now owns 51,951 shares of the software maker's stock valued at $5,524,000 after purchasing an additional 13,736 shares in the last quarter. Finally, Chevy Chase Trust Holdings LLC acquired a new stake in shares of Shopify during the fourth quarter valued at about $213,000. Institutional investors own 69.27% of the company's stock.

Shopify Trading Down 4.3%

Shares of SHOP stock traded down $4.92 on Thursday, hitting $109.21. 8,648,082 shares of the stock were exchanged, compared to its average volume of 9,387,730. The firm has a market capitalization of $141.41 billion, a PE ratio of 70.46, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The firm's 50 day moving average is $97.46 and its two-hundred day moving average is $105.15.

Analysts Set New Price Targets

A number of research firms recently commented on SHOP. Canaccord Genuity Group lifted their price objective on Shopify from $125.00 to $140.00 and gave the stock a "buy" rating in a research note on Wednesday, February 12th. Mizuho cut their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their price objective on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Evercore ISI lifted their price objective on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Finally, Truist Financial cut their price objective on Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research note on Tuesday, May 6th. 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 given a strong buy rating to the company's stock. According to data from MarketBeat, Shopify has an average rating of "Moderate Buy" and a consensus target price of $115.39.

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.