Louisbourg Investments Inc. Sells 492 Shares of Shopify Inc. (NYSE:SHOP)

Louisbourg Investments Inc. reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 109,727 shares of the software maker’s stock after selling 492 shares during the quarter. Shopify accounts for 2.6% of Louisbourg Investments Inc.’s portfolio, making the stock its 4th largest position. Louisbourg Investments Inc.’s holdings in Shopify were worth $10,449,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. LRI Investments LLC lifted its holdings in shares of Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after acquiring an additional 79 shares during the last quarter. Tidemark LLC increased its stake in 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 buying an additional 90 shares during the period. Mark Sheptoff Financial Planning LLC increased its stake in 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 buying an additional 100 shares during the period. Seven Mile Advisory increased its stake in 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 buying an additional 114 shares during the period. Finally, Accurate Wealth Management LLC increased its stake in 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 buying an additional 131 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Morgan Stanley upped their target price on shares of Shopify from $106.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, May 9th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $91.00 target price on shares of Shopify in a research note on Wednesday, June 11th. Truist Financial cut their target price on shares of Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research note on Tuesday, May 6th. Finally, Atb Cap Markets raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.66.

Shopify Stock Performance

SHOP stock opened at $108.37 on Tuesday. 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 $140.60 billion, a PE ratio of 69.92, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. The company has a fifty day moving average of $99.26 and a 200-day moving average of $104.94.

Shopify 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.