2,565 Shares in Shopify Inc. (NYSE:SHOP) Bought by Sovran Advisors LLC

Sovran Advisors LLC bought a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 2,565 shares of the software maker's stock, valued at approximately $245,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares in the last quarter. QRG Capital Management Inc. raised its holdings in Shopify by 79.9% in the 4th quarter. QRG Capital Management Inc. now owns 5,104 shares of the software maker's stock valued at $543,000 after acquiring an additional 2,267 shares in the last quarter. SVB Wealth LLC acquired a new position in Shopify in the 4th quarter valued at approximately $563,000. US Bancorp DE raised its holdings in Shopify by 3.9% in the 4th quarter. US Bancorp DE now owns 69,597 shares of the software maker's stock valued at $7,400,000 after acquiring an additional 2,605 shares in the last quarter. Finally, SRS Capital Advisors Inc. raised its holdings in Shopify by 4.9% in the 4th quarter. SRS Capital Advisors Inc. now owns 3,392 shares of the software maker's stock valued at $361,000 after acquiring an additional 159 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Trading Up 2.4%

Shares of NYSE:SHOP traded up $2.73 during midday trading on Friday, hitting $117.50. The company had a trading volume of 3,773,554 shares, compared to its average volume of 9,323,025. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a market cap of $152.44 billion, a price-to-earnings ratio of 75.81, a PEG ratio of 4.82 and a beta of 2.63. The firm has a fifty day simple moving average of $106.22 and a 200 day simple moving average of $104.73.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SHOP shares. Loop Capital dropped their target price on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Oppenheimer dropped their target price on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a report on Thursday, May 8th. Scotiabank dropped their target price on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a report on Monday, April 28th. Finally, BNP Paribas Exane cut Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price for the company. in a report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $115.66.

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.