Sonora Investment Management Group LLC Has $234,000 Stock Position in Shopify Inc. (NYSE:SHOP)

Sonora Investment Management Group LLC lowered its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 26.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,447 shares of the software maker’s stock after selling 899 shares during the quarter. Sonora Investment Management Group LLC’s holdings in Shopify were worth $234,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. LRI Investments LLC grew its holdings in shares of Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after purchasing an additional 79 shares in the last quarter. Tidemark LLC grew its holdings in shares of Shopify by 3.6% during the 4th 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. Mark Sheptoff Financial Planning LLC grew its holdings in shares of Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. Seven Mile Advisory grew its holdings in shares of Shopify by 2.3% during the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker’s stock worth $539,000 after purchasing an additional 114 shares in the last quarter. Finally, Accurate Wealth Management LLC grew its holdings in shares of Shopify by 4.0% during the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker’s stock worth $325,000 after purchasing an additional 131 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SHOP shares. UBS Group decreased their price objective on Shopify from $125.00 to $110.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. CIBC boosted their price target on Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Phillip Securities lowered Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Royal Bank of Canada decreased their price target on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, April 17th. Finally, TD Securities boosted their price target on Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.11.

Shopify Stock Up 2.3%

SHOP stock opened at $110.26 on Wednesday. The company has a market cap of $142.77 billion, a P/E ratio of 71.14, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The business has a fifty day moving average of $96.72 and a 200-day moving average of $105.09.

Shopify Company 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.