Shopify Inc. (NYSE:SHOP) Shares Acquired by Midwest Professional Planners LTD.

Midwest Professional Planners LTD. increased its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 18.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,444 shares of the software maker’s stock after buying an additional 1,904 shares during the quarter. Midwest Professional Planners LTD.’s holdings in Shopify were worth $1,188,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Allianz SE bought a new position in shares of Shopify during the fourth quarter valued at approximately $27,000. Fourth Dimension Wealth LLC bought a new stake in Shopify during the 4th quarter valued at $30,000. Mark Sheptoff Financial Planning LLC raised 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 valued at $32,000 after acquiring an additional 100 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Shopify during the 4th quarter valued at $46,000. Finally, FWL Investment Management LLC bought a new stake in Shopify during the 4th quarter valued at $56,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Atb Cap Markets raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 8th. Wells Fargo & Company upped their price target on shares of Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Oppenheimer reduced their price target on shares of Shopify from $150.00 to $125.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Mizuho reduced their price target on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, UBS Group reduced their price target 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. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.77.

Shopify Stock Performance

Shares of SHOP opened at $116.74 on Tuesday. The company has a 50-day simple moving average of $108.23 and a 200-day simple moving average of $104.93. The firm has a market capitalization of $151.46 billion, a P/E ratio of 75.32, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 52 week low of $48.56 and a 52 week 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.