Trivant Custom Portfolio Group LLC Takes $569,000 Position in Shopify Inc. (NYSE:SHOP)

Trivant Custom Portfolio Group LLC bought a new stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 5,959 shares of the software maker's stock, valued at approximately $569,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allianz SE bought a new position in shares of Shopify in the fourth quarter worth approximately $27,000. PFG Private Wealth Management LLC raised its holdings in Shopify by 3,657.1% during 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 last quarter. Fourth Dimension Wealth LLC purchased a new stake in Shopify during the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC grew its holdings in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after acquiring an additional 100 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Shopify in the fourth quarter valued at about $46,000. Institutional investors own 69.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SHOP. DA Davidson increased their target price on shares of Shopify from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Monday. Truist Financial lowered their price target on Shopify from $120.00 to $100.00 and set a "hold" rating for the company in a research report on Tuesday, May 6th. Loop Capital cut their price objective on Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Capital One Financial raised Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Finally, Scotiabank dropped their price target on Shopify from $120.00 to $90.00 and set a "sector perform" rating for the company in a research note on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $115.66.

Shopify Stock Performance

Shares of Shopify stock opened at $105.97 on Thursday. The company has a 50-day simple moving average of $99.86 and a two-hundred day simple moving average of $104.96. The stock has a market capitalization of $137.48 billion, a PE ratio of 68.37, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38.

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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