Townsquare Capital LLC Reduces Holdings in Shopify Inc. (NYSE:SHOP)

Key Points

• Townsquare Capital LLC has reduced its holdings in Shopify Inc. by 2.7%, selling 12,391 shares and now owning 450,683 shares valued at $43.03 million.
• Several brokerages have revised their price targets for Shopify, with Bank of America raising it from $110 to $185, while UBS Group increased theirs from $110 to $145.
• The stock has seen fluctuations, currently priced at $151.07 after a decline of 2.5%, with a twelve-month range between $63.91 and $156.85.

Townsquare Capital LLC lessened its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 450,683 shares of the software maker's stock after selling 12,391 shares during the quarter. Townsquare Capital LLC's holdings in Shopify were worth $43,031,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SHOP. LRI Investments LLC boosted its holdings in shares of Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after buying an additional 79 shares during the last quarter. Fullcircle Wealth LLC boosted its holdings in shares of Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock worth $418,000 after buying an additional 110 shares during the last quarter. Avidian Wealth Enterprises LLC boosted its holdings in shares of Shopify by 3.4% in the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker's stock worth $337,000 after buying an additional 116 shares during the last quarter. Pinnacle Financial Partners Inc boosted its holdings in shares of Shopify by 4.0% in the first quarter. Pinnacle Financial Partners Inc now owns 3,233 shares of the software maker's stock worth $320,000 after buying an additional 125 shares during the last quarter. Finally, Accurate Wealth Management LLC boosted its holdings in shares of Shopify by 4.0% in the first quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker's stock worth $325,000 after buying an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

NYSE SHOP traded down $1.46 on Friday, hitting $149.61. 9,567,891 shares of the stock were exchanged, compared to its average volume of 10,552,143. The stock has a fifty day moving average price of $117.50 and a two-hundred day moving average price of $107.86. The firm has a market capitalization of $194.10 billion, a P/E ratio of 96.52, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52-week low of $65.86 and a 52-week high of $156.85.

Analysts Set New Price Targets

A number of research firms recently issued reports on SHOP. Wells Fargo & Company raised their price objective on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Barclays lifted their price target on shares of Shopify from $94.00 to $120.00 and gave the company an "equal weight" rating in a report on Thursday. Morgan Stanley lifted their price target on shares of Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Needham & Company LLC began coverage on shares of Shopify in a report on Monday, July 14th. They set a "buy" rating and a $135.00 price target on the stock. Finally, Arete Research raised shares of Shopify to a "hold" rating in a report on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $148.51.

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.