Shopify Inc. (NYSE:SHOP) Shares Sold by Congress Asset Management Co.

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. LRI Investments LLC boosted its holdings in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after purchasing an additional 79 shares during the last quarter. Tidemark LLC boosted its stake in Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock valued at $276,000 after buying an additional 90 shares during the last quarter. Howland Capital Management LLC boosted its stake in Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker's stock valued at $526,000 after buying an additional 99 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its holdings in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares in the last quarter. Finally, Seven Mile Advisory increased its stake in Shopify by 2.3% in the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock worth $539,000 after acquiring an additional 114 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 2.3%

Shares of NYSE:SHOP traded up $2.46 during midday trading on Tuesday, reaching $110.26. The company's stock had a trading volume of 6,537,404 shares, compared to its average volume of 9,399,885. The stock has a fifty day moving average of $96.72 and a 200 day moving average of $105.09. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The firm has a market capitalization of $142.77 billion, a PE ratio of 71.14, a P/E/G ratio of 4.82 and a beta of 2.63.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SHOP shares. Wells Fargo & Company raised their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday. Evercore ISI boosted their target price on shares of Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Truist Financial decreased their target price on shares of Shopify from $120.00 to $100.00 and set a "hold" rating on the stock in a research report on Tuesday, May 6th. BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target for the company. in a research report on Monday, May 5th. Finally, ATB Capital upped their price objective on Shopify from $145.00 to $170.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $115.11.

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.