Creekmur Asset Management LLC Boosts Stake in Shopify Inc. (NYSE:SHOP)

Creekmur Asset Management LLC increased its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 58.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,736 shares of the software maker’s stock after acquiring an additional 5,782 shares during the period. Creekmur Asset Management LLC’s holdings in Shopify were worth $1,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SHOP. Allianz SE acquired a new position in shares of Shopify during the fourth quarter worth $27,000. Fourth Dimension Wealth LLC purchased a new position in Shopify during the fourth quarter worth approximately $30,000. Mark Sheptoff Financial Planning LLC increased its stake 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 buying an additional 100 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in Shopify during the 4th quarter worth $46,000. Finally, FWL Investment Management LLC acquired a new position in Shopify during the 4th quarter worth $56,000. 69.27% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SHOP has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on shares of Shopify from $100.00 to $110.00 and gave the stock a “hold” rating in a research report on Tuesday. Capital One Financial upgraded shares of Shopify from an “equal weight” rating to an “overweight” rating in a report on Thursday, May 8th. Royal Bank Of Canada decreased their target price on shares of Shopify from $145.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, April 17th. Robert W. Baird boosted their target price on Shopify from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Scotiabank cut their price target on Shopify from $120.00 to $90.00 and set a “sector perform” rating on the stock in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $117.45.

Shopify Stock Up 0.7%

Shares of NYSE:SHOP opened at $127.67 on Friday. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a market capitalization of $165.64 billion, a PE ratio of 82.38, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The firm’s 50 day moving average price is $109.81 and its 200-day moving average price is $105.25.

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.