Shopify Inc. (NYSE:SHOP) Shares Purchased by Advisory Resource Group

Advisory Resource Group grew its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 5.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 10,420 shares of the software maker’s stock after purchasing an additional 512 shares during the quarter. Advisory Resource Group’s holdings in Shopify were worth $995,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. ORG Wealth Partners LLC lifted its holdings in Shopify by 214.5% in the first quarter. ORG Wealth Partners LLC now owns 20,157 shares of the software maker’s stock worth $1,968,000 after purchasing an additional 13,747 shares during the period. Trivant Custom Portfolio Group LLC bought a new stake in shares of Shopify during the 1st quarter worth about $569,000. Compass Capital Corp MA ADV acquired a new stake in shares of Shopify in the 1st quarter worth approximately $362,000. Janney Capital Management LLC bought a new position in shares of Shopify in the first quarter valued at approximately $5,429,000. Finally, Institute for Wealth Management LLC. increased its stake in shares of Shopify by 11.4% during the first quarter. Institute for Wealth Management LLC. now owns 10,819 shares of the software maker’s stock valued at $1,033,000 after acquiring an additional 1,109 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Price Performance

NYSE SHOP opened at $105.97 on Thursday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The stock’s 50-day moving average is $99.86 and its two-hundred day moving average is $104.96. The firm has a market cap of $137.48 billion, a P/E ratio of 68.37, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63.

Analysts Set New Price Targets

A number of brokerages have issued reports on SHOP. BNP Paribas lowered Shopify from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 5th. Truist Financial decreased their target price on Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a research note on Tuesday, May 6th. Oppenheimer dropped their price target on shares of Shopify from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Mizuho reduced their price objective on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their target price on Shopify from $124.00 to $115.00 and set an “overweight” rating on the stock in a research report on Friday, May 9th. 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.