NorthRock Partners LLC Buys 3,339 Shares of Shopify Inc. (NYSE:SHOP)

NorthRock Partners LLC raised its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 125.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,999 shares of the software maker's stock after buying an additional 3,339 shares during the period. NorthRock Partners LLC's holdings in Shopify were worth $638,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. LRI Investments LLC increased its holdings in Shopify by 9.8% during the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after buying an additional 79 shares during the last quarter. Tidemark LLC increased its stake in shares of Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after purchasing an additional 90 shares in the last quarter. Howland Capital Management LLC increased its stake in shares of Shopify by 2.0% in the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker's stock worth $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker's stock worth $118,000 after purchasing an additional 100 shares in the last quarter. Finally, First United Bank & Trust increased its stake in shares of Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker's stock worth $488,000 after purchasing an additional 100 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Down 1.5%

Shares of SHOP stock traded down $1.65 during trading hours on Monday, reaching $109.10. 9,807,360 shares of the stock were exchanged, compared to its average volume of 9,559,964. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The company's 50-day moving average price is $94.30 and its 200-day moving average price is $104.08. The firm has a market capitalization of $141.26 billion, a price-to-earnings ratio of 70.39, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SHOP. Wedbush reissued an "outperform" rating and issued a $110.00 price objective on shares of Shopify in a research note on Tuesday, April 15th. Capital One Financial raised shares of Shopify from an "equal weight" rating to an "overweight" rating in a research note on Thursday, May 8th. Benchmark reduced their price objective on shares of Shopify from $150.00 to $125.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Evercore ISI increased their price objective on shares of Shopify from $125.00 to $140.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and an average target price of $115.37.

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.