Strategic Planning Group LLC Sells 16,026 Shares of Shopify Inc. (NYSE:SHOP)

Strategic Planning Group LLC cut its holdings in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 26.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 43,500 shares of the software maker's stock after selling 16,026 shares during the period. Strategic Planning Group LLC's holdings in Shopify were worth $4,153,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Shopify during the 4th quarter worth $1,542,262,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Shopify by 631.3% in the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after purchasing an additional 3,849,796 shares during the period. Marshall Wace LLP lifted its stake in shares of Shopify by 623.8% in the 4th quarter. Marshall Wace LLP now owns 1,870,891 shares of the software maker's stock valued at $198,932,000 after purchasing an additional 2,228,091 shares during the period. Finally, Durable Capital Partners LP lifted its stake in shares of Shopify by 86.9% in the 4th quarter. Durable Capital Partners LP now owns 3,950,348 shares of the software maker's stock valued at $420,041,000 after purchasing an additional 1,836,294 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SHOP shares. Loop Capital cut their price target on Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. cut their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. Barclays cut their price target on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. Royal Bank of Canada dropped their price objective on Shopify from $145.00 to $125.00 and set an "outperform" rating on the stock in a research note on Thursday, April 17th. Finally, BMO Capital Markets initiated coverage on Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Shopify has a consensus rating of "Moderate Buy" and an average target price of $115.11.

Shopify Price Performance

NYSE:SHOP traded up $6.38 during trading hours on Friday, reaching $111.41. 8,729,612 shares of the company were exchanged, compared to its average volume of 9,422,623. The company has a market capitalization of $144.26 billion, a P/E ratio of 71.88, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The business has a 50 day moving average of $96.02 and a 200 day moving average of $105.05.

Shopify Company 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.