Ameritas Advisory Services LLC Trims Position in Shopify Inc. (NYSE:SHOP)

Ameritas Advisory Services LLC reduced its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 11.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 5,082 shares of the software maker’s stock after selling 630 shares during the quarter. Ameritas Advisory Services LLC’s holdings in Shopify were worth $514,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SHOP. Henry James International Management Inc. increased its stake in shares of Shopify by 1.1% during the 1st quarter. Henry James International Management Inc. now owns 158,309 shares of the software maker’s stock valued at $15,115,000 after acquiring an additional 1,672 shares during the last quarter. Avidian Wealth Enterprises LLC increased its position in Shopify by 3.4% during the first quarter. Avidian Wealth Enterprises LLC now owns 3,533 shares of the software maker’s stock worth $337,000 after purchasing an additional 116 shares during the last quarter. Essex Financial Services Inc. purchased a new position in Shopify during the first quarter worth approximately $364,000. Sovran Advisors LLC purchased a new position in Shopify during the first quarter worth approximately $245,000. Finally, Joel Isaacson & Co. LLC acquired a new position in shares of Shopify in the 1st quarter valued at $223,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Morgan Stanley upped their price objective on Shopify from $106.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Scotiabank decreased their target price on Shopify from $120.00 to $90.00 and set a “sector perform” rating for the company in a report on Monday, April 28th. DA Davidson boosted their price objective on shares of Shopify from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 16th. BNP Paribas Exane downgraded Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price target for the company. in a report on Monday, May 5th. Finally, Jefferies Financial Group reduced their price objective on Shopify from $130.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average target price of $115.66.

Shopify Stock Up 2.4%

Shares of NYSE:SHOP opened at $117.50 on Friday. The company has a market cap of $152.44 billion, a PE ratio of 75.81, a P/E/G ratio of 4.82 and a beta of 2.63. The firm has a 50-day simple moving average of $105.81 and a 200 day simple moving average of $104.78. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

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.