Apollon Wealth Management LLC Acquires 7,411 Shares of Shopify Inc. (NYSE:SHOP)

Apollon Wealth Management LLC boosted its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 125,549 shares of the software maker’s stock after purchasing an additional 7,411 shares during the quarter. Apollon Wealth Management LLC’s holdings in Shopify were worth $11,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Brighton Jones LLC grew its position in Shopify by 2.8% in the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares during the last quarter. Frank Rimerman Advisors LLC bought a new position in Shopify in the 4th quarter valued at $259,000. Choate Investment Advisors bought a new position in Shopify in the 4th quarter valued at $593,000. Tidemark LLC grew its position in Shopify by 3.6% in the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock valued at $276,000 after acquiring an additional 90 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in Shopify by 31.1% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 47,356 shares of the software maker’s stock valued at $5,035,000 after acquiring an additional 11,232 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on SHOP shares. BNP Paribas Exane downgraded Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price objective on the stock. in a research report on Monday, May 5th. Barclays lowered their target price on Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a report on Friday, May 9th. Atb Cap Markets upgraded Shopify from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 8th. BMO Capital Markets assumed coverage on Shopify in a report on Tuesday, May 6th. They issued an “outperform” rating and a $120.00 target price for the company. Finally, BNP Paribas cut Shopify from a “strong-buy” rating to a “hold” rating in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.66.

Shopify Stock Down 2.6%

Shopify stock opened at $112.11 on Monday. The firm has a market cap of $145.45 billion, a price-to-earnings ratio of 72.33, a price-to-earnings-growth 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. The business’s 50-day moving average price is $107.86 and its 200 day moving average price is $104.87.

Shopify Company 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.