Snowden Capital Advisors LLC Reduces Stock Holdings in Shopify Inc. (NYSE:SHOP)

Snowden Capital Advisors LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 7.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,275 shares of the software maker's stock after selling 2,677 shares during the period. Snowden Capital Advisors LLC's holdings in Shopify were worth $3,325,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. LRI Investments LLC raised its stake in Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after acquiring an additional 79 shares during the period. Tidemark LLC increased its position 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 during the last quarter. Howland Capital Management LLC increased its position 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 during the last quarter. Trust Co. of Vermont increased its position 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 during the last quarter. Finally, First United Bank & Trust increased its position 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 during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 2.4%

NYSE SHOP traded down $2.67 during trading hours on Tuesday, reaching $106.43. The company's stock had a trading volume of 8,290,534 shares, compared to its average volume of 9,562,005. The firm's 50-day moving average price is $94.55 and its 200-day moving average price is $104.29. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a market capitalization of $137.81 billion, a price-to-earnings ratio of 68.66, a PEG ratio of 4.82 and a beta of 2.66.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. DA Davidson decreased their price objective on shares of Shopify from $150.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Barclays dropped their price objective on Shopify from $100.00 to $94.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 5th. National Bankshares dropped their price objective on Shopify from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Finally, CIBC upped their target price on Shopify from $135.00 to $160.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Shopify 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.