Shopify Inc. (NYSE:SHOP) Shares Sold by PUREfi Wealth LLC

PUREfi Wealth LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.7% during the 1st quarter, Holdings Channel reports. The fund owned 4,956 shares of the software maker’s stock after selling 718 shares during the quarter. PUREfi Wealth LLC’s holdings in Shopify were worth $473,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. LRI Investments LLC increased its position in Shopify by 9.8% during the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker’s stock worth $94,000 after purchasing an additional 79 shares during the period. Tidemark LLC increased its position in Shopify by 3.6% during the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock worth $276,000 after purchasing an additional 90 shares during the period. Mark Sheptoff Financial Planning LLC increased its position in Shopify by 50.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the period. Seven Mile Advisory increased its position in Shopify by 2.3% during the 4th quarter. Seven Mile Advisory now owns 5,068 shares of the software maker’s stock worth $539,000 after purchasing an additional 114 shares during the period. Finally, Accurate Wealth Management LLC increased its position in Shopify by 4.0% during the 1st quarter. Accurate Wealth Management LLC now owns 3,408 shares of the software maker’s stock worth $325,000 after purchasing an additional 131 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Shopify Stock Performance

Shares of SHOP opened at $106.53 on Wednesday. The stock has a fifty day moving average of $99.56 and a two-hundred day moving average of $104.95. The company has a market capitalization of $138.21 billion, a PE ratio of 68.73, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Wall Street Analyst Weigh In

SHOP has been the topic of several recent analyst reports. Jefferies Financial Group dropped their target price on Shopify from $130.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Truist Financial decreased their price target on Shopify from $120.00 to $100.00 and set a “hold” rating on the stock in a research note on Tuesday, May 6th. Scotiabank decreased their price target on Shopify from $120.00 to $90.00 and set a “sector perform” rating on the stock in a research note on Monday, April 28th. The Goldman Sachs Group decreased their price target on Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Finally, Mizuho decreased their price target on Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $115.66.

Shopify Profile

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.