Shopify Inc. (NYSE:SHOP) Shares Sold by Focus Financial Network Inc.

Focus Financial Network Inc. cut its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 14.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,011 shares of the software maker’s stock after selling 4,694 shares during the period. Focus Financial Network Inc.’s holdings in Shopify were worth $2,579,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in SHOP. Allianz SE bought a new stake in shares of Shopify in the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC boosted its stake in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the 4th quarter worth $30,000. Mark Sheptoff Financial Planning LLC raised its position in shares of Shopify by 50.0% during the fourth 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 during the period. Finally, Sierra Ocean LLC purchased a new stake in Shopify during the fourth quarter valued at about $46,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on SHOP shares. Royal Bank of Canada lowered their target price on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, April 17th. Scotiabank cut their price objective on Shopify from $120.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Monday, April 28th. Barclays decreased their price target on shares of Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a report on Friday, May 9th. Cantor Fitzgerald restated a “neutral” rating and issued a $91.00 price objective on shares of Shopify in a research note on Wednesday. Finally, Truist Financial lowered their price target on Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.39.

Shopify Stock Up 3.5%

Shares of NYSE SHOP opened at $114.13 on Thursday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market cap of $147.78 billion, a PE ratio of 73.63, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The business’s 50 day moving average price is $97.46 and its two-hundred day moving average price is $105.15.

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.