Shopify Inc. (NYSE:SHOP) Shares Sold by First Affirmative Financial Network

First Affirmative Financial Network decreased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 10.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,463 shares of the software maker’s stock after selling 274 shares during the period. First Affirmative Financial Network’s holdings in Shopify were worth $235,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Kessler Investment Group LLC purchased a new stake in shares of Shopify during the fourth quarter valued at $6,105,000. First National Corp MA ADV purchased a new stake in shares of Shopify during the fourth quarter valued at $237,000. Empowered Funds LLC lifted its holdings in shares of Shopify by 39.7% during the fourth quarter. Empowered Funds LLC now owns 31,355 shares of the software maker’s stock valued at $3,334,000 after purchasing an additional 8,909 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Shopify by 150.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 475,564 shares of the software maker’s stock valued at $51,121,000 after purchasing an additional 285,737 shares during the last quarter. Finally, Pittenger & Anderson Inc. lifted its holdings in shares of Shopify by 35.9% during the fourth quarter. Pittenger & Anderson Inc. now owns 51,951 shares of the software maker’s stock valued at $5,524,000 after purchasing an additional 13,736 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of SHOP stock opened at $111.41 on Friday. The stock’s 50 day simple moving average is $96.02 and its 200 day simple moving average is $105.06. 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 $144.26 billion, a price-to-earnings ratio of 71.88, a PEG ratio of 4.82 and a beta of 2.63.

Analyst Ratings Changes

A number of equities research analysts have commented on SHOP shares. BNP Paribas lowered Shopify from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 5th. Jefferies Financial Group decreased their price objective on Shopify from $130.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Barclays decreased their price objective on Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a research report on Friday, May 9th. Phillip Securities lowered Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. Finally, JPMorgan Chase & Co. decreased their price objective on Shopify from $124.00 to $115.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.11.

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.