Shopify Inc. (NYSE:SHOP) Stake Lowered by Congress Asset Management Co.

Congress Asset Management Co. cut its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 748,195 shares of the software maker's stock after selling 42,498 shares during the quarter. Congress Asset Management Co. owned approximately 0.06% of Shopify worth $71,438,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SHOP. Allianz SE bought a new position in shares of Shopify during the fourth quarter valued at approximately $27,000. PFG Private Wealth Management LLC boosted its position in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after buying an additional 256 shares during the period. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify during the fourth quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC boosted its position 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 worth $32,000 after buying an additional 100 shares during the period. Finally, Mather Group LLC. boosted its position in shares of Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker's stock worth $43,000 after buying an additional 184 shares during the period. 69.27% of the stock is owned by institutional investors.

Shopify Stock Up 6.1%

Shares of NYSE:SHOP opened at $111.41 on Friday. The company's fifty day moving average is $96.02 and its two-hundred day moving average is $105.05. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company has a market cap of $144.26 billion, a P/E ratio of 71.88, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SHOP shares. Scotiabank reduced their price objective on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research report on Monday, April 28th. Loop Capital reduced their price objective on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company boosted their price objective on Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday. Atb Cap Markets upgraded Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Evercore ISI boosted their price objective on Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Shopify has an average rating of "Moderate Buy" and an average price target 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.

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