Versant Capital Management Inc Grows Position in Shopify Inc. (NYSE:SHOP)

Versant Capital Management Inc increased its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 1,302.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,567 shares of the software maker's stock after acquiring an additional 2,384 shares during the quarter. Versant Capital Management Inc's holdings in Shopify were worth $245,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of SHOP. LRI Investments LLC grew its holdings in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock worth $94,000 after buying an additional 79 shares in the last quarter. Tidemark LLC boosted its holdings in Shopify by 3.6% during the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after acquiring an additional 90 shares during the last quarter. Howland Capital Management LLC boosted its holdings in Shopify by 2.0% during the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker's stock worth $526,000 after acquiring an additional 99 shares during the last quarter. Mark Sheptoff Financial Planning LLC grew its stake in shares of 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 in the last quarter. Finally, Seven Mile Advisory raised its holdings in shares of Shopify by 2.3% in the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker's stock valued at $539,000 after purchasing an additional 114 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Down 1.6%

NYSE:SHOP traded down $1.66 during midday trading on Wednesday, hitting $103.45. The company had a trading volume of 4,062,635 shares, compared to its average volume of 9,404,269. The stock's fifty day moving average price is $95.41 and its 200-day moving average price is $105.02. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The company has a market capitalization of $133.95 billion, a PE ratio of 66.74, a P/E/G ratio of 4.82 and a beta of 2.66.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. Jefferies Financial Group cut their price target 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. ATB Capital boosted their target price on Shopify from $145.00 to $170.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 12th. KeyCorp decreased their price target on Shopify from $140.00 to $105.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. BNP Paribas downgraded Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. Finally, Piper Sandler boosted their price target on shares of Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.37.

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.