Shopify Inc. (NYSE:SHOP) Shares Sold by World Equity Group Inc.

World Equity Group Inc. decreased its position in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 26.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,653 shares of the software maker's stock after selling 2,409 shares during the period. World Equity Group Inc.'s holdings in Shopify were worth $635,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SHOP. Segment Wealth Management LLC boosted its position in shares of Shopify by 899.2% during the 1st quarter. Segment Wealth Management LLC now owns 22,282 shares of the software maker's stock worth $2,127,000 after purchasing an additional 20,052 shares during the period. Blue Trust Inc. lifted its position in shares of Shopify by 31.4% during the first quarter. Blue Trust Inc. now owns 2,379 shares of the software maker's stock worth $227,000 after purchasing an additional 568 shares in the last quarter. Advisory Resource Group lifted its holdings in Shopify by 5.2% during the 1st quarter. Advisory Resource Group now owns 10,420 shares of the software maker's stock worth $995,000 after buying an additional 512 shares in the last quarter. ORG Wealth Partners LLC lifted its holdings in Shopify by 214.5% during the 1st quarter. ORG Wealth Partners LLC now owns 20,157 shares of the software maker's stock worth $1,968,000 after buying an additional 13,747 shares in the last quarter. Finally, Trivant Custom Portfolio Group LLC acquired a new stake in Shopify during the 1st quarter worth approximately $569,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group reduced their target price 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. Wells Fargo & Company increased their target price on shares of Shopify from $107.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Wedbush restated an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a report on Tuesday, April 15th. KeyCorp reduced their price objective on shares of Shopify from $140.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, DA Davidson raised their price objective on shares of Shopify from $115.00 to $125.00 and gave the company a "buy" rating in a report on Monday, June 16th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $115.66.

Shopify Trading Up 0.4%

Shares of NYSE:SHOP traded up $0.43 during midday trading on Friday, hitting $106.40. The stock had a trading volume of 10,345,423 shares, compared to its average volume of 9,302,114. The company has a market capitalization of $138.04 billion, a PE ratio of 68.65, a P/E/G ratio of 4.82 and a beta of 2.63. The stock has a 50 day moving average price of $100.74 and a two-hundred day moving average price of $104.87. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

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.