Wealthspire Advisors LLC Decreases Stock Position in Shopify Inc. (NYSE:SHOP)

Wealthspire Advisors LLC trimmed its position in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 49.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,463 shares of the software maker's stock after selling 7,214 shares during the period. Wealthspire Advisors LLC's holdings in Shopify were worth $713,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ithaka Group LLC acquired a new stake in shares of Shopify during the first quarter valued at about $8,585,000. Cary Street Partners Investment Advisory LLC boosted its holdings in Shopify by 86.8% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares during the last quarter. Cary Street Partners Financial LLC grew its stake in Shopify by 1.6% during the 1st quarter. Cary Street Partners Financial LLC now owns 43,313 shares of the software maker's stock valued at $4,136,000 after purchasing an additional 699 shares in the last quarter. Advyzon Investment Management LLC acquired a new stake in Shopify during the 1st quarter valued at approximately $185,000. Finally, Thoroughbred Financial Services LLC increased its holdings in Shopify by 3.6% during the 1st quarter. Thoroughbred Financial Services LLC now owns 114,187 shares of the software maker's stock worth $10,902,000 after purchasing an additional 4,005 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. DA Davidson increased their target price on Shopify from $125.00 to $185.00 and gave the company a "buy" rating in a research note on Thursday. UBS Group increased their price objective on shares of Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday. CIBC raised their price objective on shares of Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday. Canaccord Genuity Group upped their target price on shares of Shopify from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and an average target price of $143.69.

Shopify Stock Down 2.5%

SHOP stock opened at $151.07 on Friday. The company has a 50-day simple moving average of $116.61 and a 200 day simple moving average of $107.55. The company has a market capitalization of $196.00 billion, a P/E ratio of 97.47, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $63.91 and a fifty-two week high of $156.85.

Shopify 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.

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