Fiduciary Alliance LLC Acquires 2,581 Shares of Shopify Inc. (NYSE:SHOP)

Fiduciary Alliance LLC increased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.6% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 16,446 shares of the software maker’s stock after purchasing an additional 2,581 shares during the period. Fiduciary Alliance LLC’s holdings in Shopify were worth $1,570,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fifth Third Wealth Advisors LLC grew its position in Shopify by 54.1% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,960 shares of the software maker’s stock worth $378,000 after acquiring an additional 1,391 shares during the last quarter. Winthrop Advisory Group LLC boosted its stake in shares of Shopify by 4.9% during the first quarter. Winthrop Advisory Group LLC now owns 5,320 shares of the software maker’s stock valued at $508,000 after purchasing an additional 250 shares during the period. Somerset Trust Co grew its holdings in shares of Shopify by 20.8% in the first quarter. Somerset Trust Co now owns 3,477 shares of the software maker’s stock worth $332,000 after purchasing an additional 599 shares during the last quarter. Doliver Advisors LP grew its holdings in shares of Shopify by 47.4% in the first quarter. Doliver Advisors LP now owns 7,365 shares of the software maker’s stock worth $703,000 after purchasing an additional 2,369 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Shopify by 17,086.4% in the first quarter. GAMMA Investing LLC now owns 91,947 shares of the software maker’s stock worth $8,779,000 after buying an additional 91,412 shares during the period. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 0.6%

Shopify stock opened at $106.54 on Tuesday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The company has a market cap of $137.95 billion, a P/E ratio of 68.74, a P/E/G ratio of 4.82 and a beta of 2.66. The business has a 50-day simple moving average of $95.36 and a two-hundred day simple moving average of $105.02.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent analyst reports. Wedbush reissued an “outperform” rating and issued a $110.00 price target on shares of Shopify in a report on Tuesday, April 15th. Royal Bank of Canada reduced their price target on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a report on Thursday, April 17th. BNP Paribas Exane cut Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price objective for the company. in a report on Monday, May 5th. Oppenheimer decreased their target price on Shopify from $150.00 to $125.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Finally, TD Securities lifted their price target on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.