Shopify Inc. (NYSE:SHOP) Shares Sold by Tobam

Tobam reduced its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 96.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 565 shares of the software maker's stock after selling 14,217 shares during the period. Tobam's holdings in Shopify were worth $54,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in SHOP. Allianz SE purchased a new stake in Shopify in the fourth quarter valued at $27,000. PFG Private Wealth Management LLC raised its holdings in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock valued at $28,000 after buying an additional 256 shares during the period. Fourth Dimension Wealth LLC acquired a new position in Shopify in the fourth quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC lifted its position in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares during the last quarter. Finally, Sierra Ocean LLC purchased a new position in Shopify during the fourth quarter worth about $46,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Jefferies Financial Group decreased their price objective on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Loop Capital lowered their price target on Shopify from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Morgan Stanley lifted their price objective on Shopify from $106.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Phillip Securities lowered Shopify from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, February 17th. Finally, The Goldman Sachs Group lowered their target price on Shopify from $150.00 to $130.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. One investment 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify presently has a consensus rating of "Moderate Buy" and an average price target of $115.39.

Shopify Stock Down 3.5%

SHOP traded down $3.87 during trading on Friday, hitting $105.34. 7,971,810 shares of the stock were exchanged, compared to its average volume of 9,382,997. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The stock has a fifty day moving average price of $98.64 and a two-hundred day moving average price of $105.09. The firm has a market capitalization of $136.40 billion, a P/E ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63.

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.