Valeo Financial Advisors LLC Trims Position in Shopify Inc. (NYSE:SHOP)

Valeo Financial Advisors LLC cut its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 19,717 shares of the software maker’s stock after selling 360 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Shopify were worth $1,883,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. LRI Investments LLC boosted its holdings in shares of Shopify by 9.8% in the fourth quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock valued at $94,000 after acquiring an additional 79 shares during the period. Tidemark LLC boosted its holdings in shares of Shopify by 3.6% in the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock valued at $276,000 after acquiring an additional 90 shares during the period. Mark Sheptoff Financial Planning LLC boosted its holdings in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after acquiring an additional 100 shares during the period. Fullcircle Wealth LLC boosted its holdings in shares of Shopify by 2.7% in the first quarter. Fullcircle Wealth LLC now owns 4,240 shares of the software maker’s stock valued at $418,000 after acquiring an additional 110 shares during the period. Finally, Seven Mile Advisory boosted its holdings in shares of Shopify by 2.3% in the fourth quarter. Seven Mile Advisory now owns 5,068 shares of the software maker’s stock valued at $539,000 after acquiring an additional 114 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Down 3.6%

Shares of SHOP stock opened at $112.48 on Wednesday. The firm has a 50-day moving average price of $106.85 and a 200 day moving average price of $104.83. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a market capitalization of $145.93 billion, a price-to-earnings ratio of 72.57, a PEG ratio of 4.82 and a beta of 2.61.

Analysts Set New Price Targets

SHOP has been the subject of several research analyst reports. Mizuho decreased their price objective on Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Benchmark decreased their price target on Shopify from $150.00 to $125.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Jefferies Financial Group decreased their price target on Shopify from $130.00 to $110.00 and set a “hold” rating for the company in a report on Monday, May 5th. The Goldman Sachs Group decreased their price target on Shopify from $150.00 to $130.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, KeyCorp decreased their price target on Shopify from $140.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $115.66.

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.