Simon Quick Advisors LLC Purchases Shares of 3,498 Shopify Inc. (NYSE:SHOP)

Simon Quick Advisors LLC bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,498 shares of the software maker's stock, valued at approximately $334,000.

Other institutional investors have also modified their holdings of the company. Allianz SE purchased a new stake in shares of Shopify during the 4th quarter valued at approximately $27,000. PFG Private Wealth Management LLC increased its position in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify during the 4th quarter worth about $30,000. Mark Sheptoff Financial Planning LLC increased its position in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares during the last quarter. Finally, Sierra Ocean LLC acquired a new stake in shares of Shopify during the 4th quarter worth about $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SHOP. Jefferies Financial Group reduced their price target on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. BNP Paribas Exane downgraded shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price target on the stock. in a research note on Monday, May 5th. JPMorgan Chase & Co. cut their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Oppenheimer cut their target price on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Scotiabank cut their target price on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating on the stock in a research note on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus target price of $115.39.

Shopify Trading Down 3.5%

Shares of SHOP traded down $3.87 during trading hours on Friday, reaching $105.34. The company had a trading volume of 7,971,810 shares, compared to its average volume of 9,348,729. The firm has a 50 day simple moving average of $98.64 and a 200-day simple moving average of $105.04. The company has a market capitalization of $136.40 billion, a price-to-earnings ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

Shopify 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.