West Family Investments Inc. Sells 3,801 Shares of Shopify Inc. (NYSE:SHOP)

West Family Investments Inc. reduced its stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 63.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,172 shares of the software maker's stock after selling 3,801 shares during the quarter. West Family Investments Inc.'s holdings in Shopify were worth $207,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock valued at $2,252,000 after acquiring an additional 584 shares during the last quarter. Frank Rimerman Advisors LLC bought a new position in Shopify in the fourth quarter valued at approximately $259,000. Envestnet Portfolio Solutions Inc. boosted its stake in Shopify by 31.1% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 47,356 shares of the software maker's stock valued at $5,035,000 after acquiring an additional 11,232 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Shopify by 4.7% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 5,495 shares of the software maker's stock valued at $584,000 after acquiring an additional 245 shares during the last quarter. Finally, Petra Financial Advisors Inc. bought a new position in shares of Shopify in the 4th quarter worth $558,000. 69.27% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SHOP. Capital One Financial upgraded Shopify from an "equal weight" rating to an "overweight" rating in a research report on Thursday, May 8th. Wedbush restated an "outperform" rating and set a $110.00 target price on shares of Shopify in a report on Tuesday, April 15th. Benchmark reduced their target price on Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Morgan Stanley lifted their price objective on shares of Shopify from $106.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Finally, Needham & Company LLC initiated coverage on shares of Shopify in a research note on Monday. They set a "buy" rating and a $135.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $115.63.

Shopify Stock Performance

SHOP traded up $4.95 on Wednesday, hitting $120.00. 12,704,581 shares of the company were exchanged, compared to its average volume of 9,327,287. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a market cap of $155.69 billion, a PE ratio of 77.42, a PEG ratio of 4.82 and a beta of 2.61. The stock's fifty day moving average is $108.65 and its 200-day moving average is $105.00.

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.