Wedmont Private Capital Reduces Stock Holdings in Shopify Inc. (NYSE:SHOP)

Wedmont Private Capital reduced its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 16.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,773 shares of the software maker’s stock after selling 532 shares during the quarter. Wedmont Private Capital’s holdings in Shopify were worth $265,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Allianz SE purchased a new stake in shares of Shopify in the 4th quarter worth $27,000. PFG Private Wealth Management LLC grew its holdings in Shopify by 3,657.1% during 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. Fourth Dimension Wealth LLC bought a new stake in Shopify during the fourth quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC increased 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 worth $32,000 after buying an additional 100 shares in the last quarter. Finally, Sierra Ocean LLC purchased a new stake in Shopify in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Oppenheimer lowered their price objective on Shopify from $150.00 to $125.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. UBS Group decreased their target price on shares of Shopify from $125.00 to $110.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Jefferies Financial Group dropped their price target on shares of Shopify from $130.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Evercore ISI raised their price objective on shares of Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. Finally, The Goldman Sachs Group lowered their target price on shares of Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.39.

Shopify Price Performance

Shares of SHOP stock opened at $114.13 on Thursday. The company has a market cap of $147.78 billion, a PE ratio of 73.63, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $129.38. The stock’s 50 day simple moving average is $97.46 and its two-hundred day simple moving average is $105.15.

About Shopify

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.