Spire Wealth Management Cuts Stake in Shopify Inc. (NYSE:SHOP)

Spire Wealth Management cut its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 82,870 shares of the software maker's stock after selling 2,342 shares during the period. Spire Wealth Management's holdings in Shopify were worth $7,912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC raised its position in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after buying an additional 584 shares during the last quarter. Wealthspire Advisors LLC grew its position in Shopify by 3.9% in the 4th quarter. Wealthspire Advisors LLC now owns 14,677 shares of the software maker's stock worth $1,561,000 after purchasing an additional 545 shares during the period. IFP Advisors Inc grew its position in Shopify by 15.3% in the 4th quarter. IFP Advisors Inc now owns 22,929 shares of the software maker's stock worth $2,438,000 after purchasing an additional 3,045 shares during the period. Prasad Wealth Partners LLC purchased a new stake in Shopify during the 4th quarter valued at $2,748,000. Finally, Addison Advisors LLC grew its holdings in shares of Shopify by 54.6% in the fourth quarter. Addison Advisors LLC now owns 586 shares of the software maker's stock worth $62,000 after acquiring an additional 207 shares during the period. Institutional investors own 69.27% of the company's stock.

Shopify Trading Up 4.0%

Shares of SHOP opened at $114.42 on Wednesday. The firm has a market cap of $148.45 billion, a PE ratio of 73.82, a P/E/G 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. The stock has a fifty day moving average price of $101.89 and a 200-day moving average price of $104.76.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. Benchmark dropped their target price on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. BMO Capital Markets assumed coverage on Shopify in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $120.00 price target for the company. Barclays lowered their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Finally, Oppenheimer cut their price objective on Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. 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 given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

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