Silvercrest Asset Management Group LLC Increases Holdings in Shopify Inc. (NYSE:SHOP)

Silvercrest Asset Management Group LLC increased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 46.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 117,766 shares of the software maker’s stock after buying an additional 37,193 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Shopify were worth $12,522,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Allianz SE purchased a new stake in Shopify in the fourth quarter valued at $27,000. PFG Private Wealth Management LLC raised its position in Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after purchasing an additional 256 shares during the period. Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock valued at $32,000 after purchasing an additional 100 shares during the period. New Wave Wealth Advisors LLC purchased a new stake in Shopify in the fourth quarter valued at $39,000. Finally, Mather Group LLC. raised its position in Shopify by 84.8% in the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after purchasing an additional 184 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shopify stock opened at $110.75 on Friday. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market capitalization of $143.40 billion, a P/E ratio of 71.45, a PEG ratio of 4.82 and a beta of 2.66. The stock has a 50-day simple moving average of $94.30 and a 200-day simple moving average of $103.90.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. National Bankshares reduced their target price on Shopify from $140.00 to $120.00 and set an “outperform” rating on the stock in a research report on Friday, April 25th. KeyCorp dropped their price objective on Shopify from $140.00 to $105.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Robert W. Baird lifted their price objective on Shopify from $126.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Phillip Securities cut Shopify from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, February 17th. Finally, Evercore ISI lifted their price objective on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.37.

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.