TD Private Client Wealth LLC Acquires 1,111 Shares of Shopify Inc. (NYSE:SHOP)

TD Private Client Wealth LLC lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 17,392 shares of the software maker’s stock after buying an additional 1,111 shares during the period. TD Private Client Wealth LLC’s holdings in Shopify were worth $1,661,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Capital Advisors Inc. OK boosted its stake in shares of Shopify by 2.8% during the 1st quarter. Capital Advisors Inc. OK now owns 9,184 shares of the software maker’s stock worth $877,000 after buying an additional 251 shares during the last quarter. Pure Portfolios Holdings LLC acquired a new position in shares of Shopify during the 1st quarter worth about $201,000. Cloud Capital Management LLC acquired a new position in shares of Shopify during the 1st quarter worth about $86,000. Concurrent Investment Advisors LLC lifted its stake in Shopify by 15.8% in the 1st quarter. Concurrent Investment Advisors LLC now owns 13,804 shares of the software maker’s stock valued at $1,318,000 after purchasing an additional 1,879 shares during the last quarter. Finally, World Investment Advisors lifted its stake in Shopify by 2.0% in the 1st quarter. World Investment Advisors now owns 23,020 shares of the software maker’s stock valued at $2,198,000 after purchasing an additional 461 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent analyst reports. Royal Bank Of Canada cut their target price on shares of Shopify from $145.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, April 17th. Benchmark cut their target price on shares of Shopify from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. KeyCorp cut their target price on shares of Shopify from $140.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. UBS Group cut their target price on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Finally, Loop Capital cut their target price on shares of Shopify from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, fourteen have given 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 an average rating of “Moderate Buy” and a consensus target price of $115.66.

Shopify Price Performance

Shares of NYSE:SHOP opened at $112.48 on Wednesday. The company’s 50 day simple moving average is $106.85 and its 200 day simple moving average is $104.83. The stock has a market capitalization of $145.93 billion, a price-to-earnings ratio of 72.57, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

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.