Shopify Inc. (NYSE:SHOP) Shares Sold by Forum Financial Management LP

Forum Financial Management LP decreased its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 4.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,788 shares of the software maker’s stock after selling 337 shares during the quarter. Forum Financial Management LP’s holdings in Shopify were worth $648,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares during the period. Thrivent Financial for Lutherans grew its position in shares of Shopify by 149.0% during the 4th quarter. Thrivent Financial for Lutherans now owns 220,108 shares of the software maker’s stock worth $23,182,000 after buying an additional 131,699 shares during the period. Brooklyn FI LLC acquired a new position in shares of Shopify in the 4th quarter valued at $452,000. OVERSEA CHINESE BANKING Corp Ltd boosted its position in Shopify by 98.6% during the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 12,644 shares of the software maker’s stock worth $1,368,000 after acquiring an additional 6,276 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in Shopify in the fourth quarter valued at $1,013,000. 69.27% of the stock is owned by institutional investors.

Shopify Trading Up 5.6%

Shares of NYSE SHOP opened at $126.75 on Friday. The stock has a fifty day simple moving average of $109.81 and a two-hundred day simple moving average of $105.25. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market cap of $164.44 billion, a price-to-earnings ratio of 81.77, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHOP. Truist Financial decreased their price objective on Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a report on Tuesday, May 6th. Wedbush reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Shopify in a research report on Tuesday, April 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $91.00 target price on shares of Shopify in a research report on Wednesday, June 11th. UBS Group cut their price objective on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Finally, Scotiabank dropped their price objective on shares of Shopify from $120.00 to $90.00 and set a “sector perform” rating on the stock in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $117.45.

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.