New World Advisors LLC Acquires 956 Shares of Shopify Inc. (NYSE:SHOP)

New World Advisors LLC raised its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.7% in the 1st quarter, Holdings Channel reports. The firm owned 6,675 shares of the software maker’s stock after purchasing an additional 956 shares during the quarter. Shopify accounts for 0.1% of New World Advisors LLC’s holdings, making the stock its 26th biggest holding. New World Advisors LLC’s holdings in Shopify were worth $637,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allianz SE purchased a new position in Shopify in the 4th quarter worth about $27,000. PFG Private Wealth Management LLC grew its stake in Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC bought a new position in Shopify in the 4th quarter worth about $30,000. Mark Sheptoff Financial Planning LLC increased its position in shares of Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the period. Finally, Strategic Investment Solutions Inc. IL bought a new stake in shares of Shopify during the fourth quarter valued at approximately $46,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Down 0.5%

Shares of NYSE:SHOP opened at $113.89 on Thursday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $129.38. The stock has a market cap of $147.76 billion, a price-to-earnings ratio of 73.48, a PEG ratio of 4.82 and a beta of 2.63. The business has a 50-day moving average price of $102.49 and a 200-day moving average price of $104.82.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Loop Capital dropped their price objective on Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Jefferies Financial Group lowered their target price on Shopify from $130.00 to $110.00 and set a “hold” rating for the company in a report on Monday, May 5th. Royal Bank Of Canada cut their price target on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, April 17th. Atb Cap Markets upgraded Shopify from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 8th. Finally, The Goldman Sachs Group dropped their target price on shares of Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $115.66.

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.