Sterling Investment Advisors Ltd. Has $3.11 Million Stake in Shopify Inc. (NYSE:SHOP)

Sterling Investment Advisors Ltd. reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 3.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,540 shares of the software maker’s stock after selling 1,090 shares during the quarter. Sterling Investment Advisors Ltd.’s holdings in Shopify were worth $3,107,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. Allianz SE acquired a new stake in Shopify during the fourth quarter valued at $27,000. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify during the 4th quarter worth about $30,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Shopify during the 4th quarter valued at about $46,000. FWL Investment Management LLC bought a new stake in shares of Shopify in the 4th quarter valued at approximately $56,000. Finally, Clean Yield Group grew its stake in shares of Shopify by 59.9% in the 1st quarter. Clean Yield Group now owns 582 shares of the software maker’s stock valued at $56,000 after buying an additional 218 shares in the last quarter. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 1.9%

NYSE:SHOP opened at $124.43 on Friday. The stock has a 50-day moving average price of $112.05 and a 200 day moving average price of $105.90. The stock has a market capitalization of $161.43 billion, a P/E ratio of 80.28, a P/E/G ratio of 4.82 and a beta of 2.61. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. CIBC boosted their target price on shares of Shopify from $125.00 to $145.00 and gave the stock an “outperformer” rating in a research report on Friday, July 18th. JPMorgan Chase & Co. decreased their price objective on shares of Shopify from $124.00 to $115.00 and set an “overweight” rating for the company in a report on Friday, May 9th. Arete Research raised shares of Shopify to a “hold” rating in a research report on Wednesday. Mizuho reduced their price target on Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $91.00 price target on shares of Shopify in a research note on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $119.16.

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.