Parsons Capital Management Inc. RI Has $3.96 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Parsons Capital Management Inc. RI reduced its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 5.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,475 shares of the software maker's stock after selling 2,450 shares during the quarter. Parsons Capital Management Inc. RI's holdings in Shopify were worth $3,960,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital World Investors raised its stake in shares of Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker's stock worth $5,646,455,000 after acquiring an additional 496,982 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Shopify by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 47,080,112 shares of the software maker's stock valued at $5,010,721,000 after purchasing an additional 781,162 shares in the last quarter. FMR LLC raised its position in Shopify by 3.4% in the 4th quarter. FMR LLC now owns 43,732,077 shares of the software maker's stock worth $4,653,054,000 after purchasing an additional 1,426,000 shares during the last quarter. Capital International Investors raised its position in Shopify by 2.7% in the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker's stock worth $3,883,039,000 after purchasing an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Shopify by 79.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after buying an additional 7,316,862 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

NYSE:SHOP traded up $2.46 on Tuesday, hitting $110.26. 6,537,404 shares of the company's stock were exchanged, compared to its average volume of 9,404,747. The company has a market cap of $142.77 billion, a P/E ratio of 71.14, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The firm has a 50-day moving average price of $96.16 and a 200-day moving average price of $105.05. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SHOP. Piper Sandler boosted their target price on Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 12th. Mizuho dropped their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Robert W. Baird raised their target price on shares of Shopify from $126.00 to $135.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. The Goldman Sachs Group dropped 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. Finally, Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.