Annex Advisory Services LLC Sells 174 Shares of Shopify Inc. (NYSE:SHOP)

Annex Advisory Services LLC reduced its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 2,476 shares of the software maker’s stock after selling 174 shares during the period. Annex Advisory Services LLC’s holdings in Shopify were worth $236,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Salvus Wealth Management LLC raised its position in shares of Shopify by 2.5% during the first quarter. Salvus Wealth Management LLC now owns 6,748 shares of the software maker’s stock valued at $644,000 after buying an additional 163 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Shopify by 826.9% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 7,990 shares of the software maker’s stock worth $762,000 after buying an additional 7,128 shares in the last quarter. Cypress Wealth Services LLC increased its stake in Shopify by 0.9% during the first quarter. Cypress Wealth Services LLC now owns 16,662 shares of the software maker’s stock valued at $1,591,000 after acquiring an additional 147 shares during the period. Grassi Investment Management increased its stake in Shopify by 32.8% during the first quarter. Grassi Investment Management now owns 46,405 shares of the software maker’s stock valued at $4,431,000 after acquiring an additional 11,450 shares during the period. Finally, Clare Market Investments LLC raised its holdings in Shopify by 13.7% in the 1st quarter. Clare Market Investments LLC now owns 9,095 shares of the software maker’s stock valued at $868,000 after acquiring an additional 1,095 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Up 6.1%

Shares of NYSE:SHOP opened at $111.41 on Friday. The firm has a market cap of $144.26 billion, a P/E ratio of 71.88, a P/E/G ratio of 4.82 and a beta of 2.66. 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 $96.02 and its two-hundred day moving average price is $105.05.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SHOP. KeyCorp decreased their price objective on Shopify from $140.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Robert W. Baird lifted their price target on shares of Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. BNP Paribas lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Monday, May 5th. JPMorgan Chase & Co. reduced their price objective on shares of Shopify from $124.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Finally, Cantor Fitzgerald lowered their target price on shares of Shopify from $120.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 16th. 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 given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $115.11.

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.