GPS Wealth Strategies Group LLC Lowers Stake in Shopify Inc. (NYSE:SHOP)

GPS Wealth Strategies Group LLC lessened its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,416 shares of the software maker’s stock after selling 233 shares during the quarter. GPS Wealth Strategies Group LLC’s holdings in Shopify were worth $1,471,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in SHOP. Allianz SE acquired a new position in shares of Shopify in the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC increased its holdings in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Shopify in the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC raised its position in 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 purchasing an additional 100 shares during the period. Finally, Sierra Ocean LLC purchased a new position in shares of Shopify during the fourth quarter worth $46,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

SHOP has been the topic of several analyst reports. Atb Cap Markets raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 8th. Robert W. Baird increased their target price on shares of Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Capital One Financial upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating in a research note on Thursday, May 8th. Wedbush reiterated an “outperform” rating and set a $110.00 target price on shares of Shopify in a research report on Tuesday, April 15th. Finally, ATB Capital upped their target price on Shopify from $145.00 to $170.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $115.39.

Shopify Stock Performance

Shares of SHOP stock opened at $114.13 on Thursday. The company has a market capitalization of $147.78 billion, a PE ratio of 73.63, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The business’s fifty day moving average is $97.46 and its 200 day moving average is $105.15.

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.