Sigma Planning Corp Boosts Stake in Shopify Inc. (NYSE:SHOP)

Sigma Planning Corp lifted its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 36.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,471 shares of the software maker's stock after purchasing an additional 6,061 shares during the period. Sigma Planning Corp's holdings in Shopify were worth $2,145,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mather Group LLC. boosted its holdings in Shopify by 127.4% in the 1st quarter. Mather Group LLC. now owns 912 shares of the software maker's stock worth $87,000 after buying an additional 511 shares during the period. Dynamic Advisor Solutions LLC bought a new position in Shopify in the 1st quarter worth $382,000. GAMMA Investing LLC boosted its holdings in Shopify by 80.0% in the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker's stock worth $92,000 after buying an additional 428 shares during the period. Bessemer Group Inc. boosted its holdings in Shopify by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 1,059,585 shares of the software maker's stock worth $101,163,000 after buying an additional 38,616 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in Shopify by 1.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 38,732 shares of the software maker's stock worth $3,694,000 after buying an additional 432 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Up 0.3%

Shopify stock traded up $0.32 during midday trading on Friday, reaching $127.07. The stock had a trading volume of 8,468,342 shares, compared to its average volume of 9,278,032. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market cap of $164.86 billion, a price-to-earnings ratio of 81.98, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The company has a fifty day moving average of $110.52 and a 200 day moving average of $105.39.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SHOP shares. Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. National Bankshares dropped their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Atb Cap Markets raised shares of Shopify from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 8th. KeyCorp dropped their target price on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Oppenheimer dropped their target price on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify presently has an average rating of "Moderate Buy" and an average target price of $117.58.

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.