Abound Wealth Management Purchases 214 Shares of Shopify Inc. (NYSE:SHOP)

Abound Wealth Management lifted its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,019 shares of the software maker’s stock after acquiring an additional 214 shares during the quarter. Abound Wealth Management’s holdings in Shopify were worth $193,000 at the end of the most recent quarter.

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

Shopify Price Performance

Shares of Shopify stock opened at $105.34 on Monday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market capitalization of $136.40 billion, a P/E ratio of 67.96, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The business’s 50 day simple moving average is $98.64 and its two-hundred day simple moving average is $104.99.

Analysts Set New Price Targets

SHOP has been the subject of several analyst reports. National Bankshares cut their target price on Shopify from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Friday, April 25th. Benchmark lowered their price target on Shopify from $150.00 to $125.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price target on Shopify from $124.00 to $115.00 and set an “overweight” rating on the stock in a report on Friday, May 9th. DA Davidson lowered their price target on Shopify from $150.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Royal Bank of Canada lowered 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. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.