Xcel Wealth Management LLC Decreases Stake in Shopify Inc. (NYSE:SHOP)

Xcel Wealth Management LLC trimmed its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 17.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,364 shares of the software maker’s stock after selling 1,332 shares during the quarter. Xcel Wealth Management LLC’s holdings in Shopify were worth $608,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Brighton Jones LLC increased its holdings in shares of 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. QRG Capital Management Inc. raised its holdings in shares of Shopify by 79.9% during the fourth quarter. QRG Capital Management Inc. now owns 5,104 shares of the software maker’s stock worth $543,000 after purchasing an additional 2,267 shares during the period. US Bancorp DE lifted its position in shares of Shopify by 3.9% in the 4th quarter. US Bancorp DE now owns 69,597 shares of the software maker’s stock worth $7,400,000 after buying an additional 2,605 shares during the last quarter. Modera Wealth Management LLC bought a new stake in shares of Shopify during the 4th quarter valued at about $243,000. Finally, Jones Financial Companies Lllp grew its position in shares of Shopify by 33.9% during the 4th quarter. Jones Financial Companies Lllp now owns 54,412 shares of the software maker’s stock valued at $5,786,000 after buying an additional 13,775 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Ratings Changes

SHOP has been the subject of a number of research reports. Capital One Financial upgraded Shopify from an “equal weight” rating to an “overweight” rating in a research note on Thursday, May 8th. Loop Capital reduced their price objective on Shopify from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Jefferies Financial Group dropped their target price on Shopify from $130.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Mizuho reduced their price target on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Finally, DA Davidson increased their price objective on shares of Shopify from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 16th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $115.66.

Shopify Stock Performance

NYSE SHOP opened at $114.77 on Thursday. The stock has a market capitalization of $148.90 billion, a P/E ratio of 74.05, a P/E/G ratio of 4.82 and a beta of 2.63. The business’s fifty day moving average is $105.37 and its two-hundred day moving average is $104.77. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38.

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.