Stratos Wealth Partners LTD. Sells 5,356 Shares of Shopify Inc. (NYSE:SHOP)

Stratos Wealth Partners LTD. trimmed its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 22.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,460 shares of the software maker's stock after selling 5,356 shares during the period. Stratos Wealth Partners LTD.'s holdings in Shopify were worth $1,762,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Highview Capital Management LLC DE lifted its stake in shares of Shopify by 65.8% in the first quarter. Highview Capital Management LLC DE now owns 17,491 shares of the software maker's stock valued at $1,670,000 after buying an additional 6,942 shares during the period. Alpha Cubed Investments LLC lifted its stake in shares of Shopify by 178.8% in the first quarter. Alpha Cubed Investments LLC now owns 26,660 shares of the software maker's stock valued at $2,545,000 after buying an additional 17,098 shares during the period. Horst & Graben Wealth Management LLC lifted its stake in shares of Shopify by 11.8% in the first quarter. Horst & Graben Wealth Management LLC now owns 7,735 shares of the software maker's stock valued at $739,000 after buying an additional 818 shares during the period. Jessup Wealth Management Inc bought a new stake in shares of Shopify in the first quarter valued at about $5,996,000. Finally, Fullcircle Wealth LLC lifted its stake in shares of Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker's stock valued at $418,000 after buying an additional 110 shares during the period. Institutional investors own 69.27% of the company's stock.

Shopify Stock Performance

SHOP opened at $115.16 on Friday. The company has a fifty day moving average price of $107.60 and a two-hundred day moving average price of $104.93. Shopify Inc. has a 52 week low of $48.56 and a 52 week high of $129.38. The firm has a market capitalization of $149.41 billion, a PE ratio of 74.30, a P/E/G ratio of 4.82 and a beta of 2.61.

Analyst Ratings Changes

Several research firms recently weighed in on SHOP. Oppenheimer reduced their target price on shares of Shopify from $150.00 to $125.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Barclays reduced their target price on shares of Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Cantor Fitzgerald restated a "neutral" rating and set a $91.00 price target on shares of Shopify in a research note on Wednesday, June 11th. Scotiabank cut their price target on shares of Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. Finally, Jefferies Financial Group cut their price target on shares of Shopify from $130.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $115.66.

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.

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