GPS Wealth Strategies Group LLC Sells 233 Shares of Shopify Inc. (NYSE:SHOP)

GPS Wealth Strategies Group LLC cut its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,416 shares of the software maker’s stock after selling 233 shares during the quarter. GPS Wealth Strategies Group LLC’s holdings in Shopify were worth $1,471,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Allianz SE purchased a new position in shares of Shopify in the fourth quarter worth $27,000. PFG Private Wealth Management LLC lifted its stake in Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after acquiring an additional 256 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC grew its stake in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the period. Finally, Sierra Ocean LLC purchased a new position in shares of Shopify during the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

NYSE:SHOP opened at $114.13 on Thursday. The stock’s 50 day simple moving average is $97.46 and its two-hundred day simple moving average is $105.15. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The company has a market cap of $147.78 billion, a price-to-earnings ratio of 73.63, a PEG ratio of 4.82 and a beta of 2.63.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. BNP Paribas Exane downgraded Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price target on the stock. in a research note on Monday, May 5th. Morgan Stanley upped their price objective on Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Deutsche Bank Aktiengesellschaft raised their target price on Shopify from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Finally, Capital One Financial raised shares of Shopify from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 8th. One research 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’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.39.

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.