Shopify Inc. (NYSE:SHOP) Stock Holdings Lifted by M.E. Allison & CO. Inc.

M.E. Allison & CO. Inc. grew its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,500 shares of the software maker’s stock after buying an additional 500 shares during the period. M.E. Allison & CO. Inc.’s holdings in Shopify were worth $430,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SHOP. Tallon Kerry Patrick acquired a new stake in shares of Shopify in the fourth quarter worth about $230,000. Brighton Jones LLC lifted its position in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Shopify by 18.2% in the fourth quarter. Van ECK Associates Corp now owns 49,444 shares of the software maker’s stock worth $5,258,000 after buying an additional 7,615 shares during the last quarter. Chevy Chase Trust Holdings LLC acquired a new stake in shares of Shopify in the fourth quarter worth about $213,000. Finally, Valeo Financial Advisors LLC lifted its position in shares of Shopify by 16.1% in the fourth quarter. Valeo Financial Advisors LLC now owns 20,077 shares of the software maker’s stock worth $2,135,000 after buying an additional 2,788 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Down 3.5%

NYSE SHOP opened at $105.34 on Monday. The stock’s 50 day moving average is $98.64 and its two-hundred day moving average is $104.99. The company has a market capitalization of $136.40 billion, a price-to-earnings ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Truist Financial reduced their price target on Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a research report on Tuesday, May 6th. Morgan Stanley boosted their price target on Shopify from $106.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. JPMorgan Chase & Co. reduced their price target on Shopify from $124.00 to $115.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. KeyCorp dropped their price objective on Shopify from $140.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Finally, Wells Fargo & Company lifted their price objective on Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. One equities 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.39.

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.