Csenge Advisory Group Cuts Position in Shopify Inc. (NYSE:SHOP)

Csenge Advisory Group lowered its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 54.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,403 shares of the software maker's stock after selling 4,123 shares during the quarter. Csenge Advisory Group's holdings in Shopify were worth $325,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Allianz SE bought a new position in Shopify during the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC purchased a new position in Shopify during the fourth quarter valued at $30,000. Mark Sheptoff Financial Planning LLC increased 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 valued at $32,000 after acquiring an additional 100 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Shopify in the 4th quarter worth about $46,000. Finally, FWL Investment Management LLC purchased a new position in Shopify in the 4th quarter worth about $56,000. Institutional investors own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SHOP shares. Cantor Fitzgerald reiterated a "neutral" rating and set a $91.00 target price on shares of Shopify in a research report on Wednesday, June 11th. Barclays cut their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. BMO Capital Markets started coverage on Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 target price on the stock. DA Davidson boosted their price target on Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. Finally, Scotiabank decreased their price target on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.16.

Shopify Stock Performance

Shopify stock traded up $2.97 during mid-day trading on Friday, reaching $125.05. The company's stock had a trading volume of 3,992,933 shares, compared to its average volume of 10,451,560. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market capitalization of $162.23 billion, a P/E ratio of 80.67, a PEG ratio of 4.82 and a beta of 2.61. The firm's fifty day moving average price is $111.77 and its two-hundred day moving average price is $105.80.

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.