Shopify Inc. (NYSE:SHOP) Shares Purchased by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC increased its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 40.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,206 shares of the software maker’s stock after buying an additional 2,066 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in Shopify were worth $688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Allianz SE purchased a new stake in Shopify during the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC grew its holdings in shares of Shopify by 3,657.1% during the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC raised 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 acquiring an additional 100 shares during the last quarter. Finally, Sierra Ocean LLC purchased a new position in Shopify in the 4th quarter worth $46,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Stock Performance

NYSE:SHOP opened at $106.53 on Wednesday. Shopify Inc. has a one year low of $48.56 and a one year high of $129.38. The stock has a market cap of $138.21 billion, a PE ratio of 68.73, a P/E/G ratio of 4.82 and a beta of 2.63. The stock has a 50 day moving average price of $99.56 and a 200 day moving average price of $104.95.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. KeyCorp cut their price objective on Shopify from $140.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. BMO Capital Markets assumed coverage on shares of Shopify in a research report on Tuesday, May 6th. They set an “outperform” rating and a $120.00 price target for the company. Loop Capital dropped their price objective on shares of Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Cantor Fitzgerald reissued a “neutral” rating and set a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. Finally, UBS Group decreased their target price on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $115.66.

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.