Silvercrest Asset Management Group LLC Acquires 37,193 Shares of Shopify Inc. (NYSE:SHOP)

Silvercrest Asset Management Group LLC lifted its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 46.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 117,766 shares of the software maker's stock after buying an additional 37,193 shares during the period. Silvercrest Asset Management Group LLC's holdings in Shopify were worth $12,522,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Fifth Third Wealth Advisors LLC bought a new position in Shopify during the fourth quarter valued at about $273,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in Shopify by 45.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 862 shares of the software maker's stock valued at $92,000 after acquiring an additional 271 shares during the period. Tallon Kerry Patrick bought a new stake in Shopify in the fourth quarter valued at about $230,000. Ritholtz Wealth Management increased its stake in Shopify by 10.9% in the fourth quarter. Ritholtz Wealth Management now owns 29,906 shares of the software maker's stock valued at $3,180,000 after acquiring an additional 2,951 shares during the period. Finally, Empirical Asset Management LLC grew its stake in Shopify by 33.4% during the fourth quarter. Empirical Asset Management LLC now owns 5,170 shares of the software maker's stock worth $550,000 after buying an additional 1,295 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SHOP shares. Piper Sandler upped their price objective on shares of Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Wedbush reiterated an "outperform" rating and set a $110.00 target price on shares of Shopify in a research report on Tuesday, April 15th. Barclays reduced their target price on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Capital One Financial upgraded shares of Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. Finally, Oppenheimer reduced their target price on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.37.

Shopify Stock Down 2.4%

Shares of NYSE:SHOP traded down $2.67 during midday trading on Tuesday, reaching $106.43. 8,290,534 shares of the company were exchanged, compared to its average volume of 9,562,003. The firm has a market cap of $137.81 billion, a PE ratio of 68.66, a P/E/G ratio of 4.82 and a beta of 2.66. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock has a fifty day simple moving average of $94.87 and a two-hundred day simple moving average of $104.30.

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.