Hoey Investments Inc. Sells 560 Shares of Shopify Inc. (NYSE:SHOP)

Hoey Investments Inc. reduced its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 40.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 830 shares of the software maker’s stock after selling 560 shares during the period. Hoey Investments Inc.’s holdings in Shopify were worth $79,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of SHOP. Allianz SE acquired a new position in shares of Shopify in the 4th quarter valued at about $27,000. PFG Private Wealth Management LLC lifted its stake in shares of Shopify by 3,657.1% in the 4th 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 acquired a new position in shares of Shopify in the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC lifted its stake in shares of Shopify by 50.0% in the 4th 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. Finally, Sierra Ocean LLC acquired a new position in shares of Shopify in the 4th quarter valued at about $46,000. 69.27% of the stock is owned by institutional investors.

Shopify Trading Down 3.5%

Shopify stock opened at $105.34 on Friday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The business’s 50 day simple moving average is $98.64 and its 200 day simple moving average is $105.09. The company has a market cap of $136.40 billion, a price-to-earnings ratio of 67.96, a PEG ratio of 4.82 and a beta of 2.63.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of recent analyst reports. DA Davidson dropped their price objective on Shopify from $150.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Loop Capital decreased their target price on Shopify from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group decreased their target price on Shopify from $150.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Atb Cap Markets raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 8th. Finally, Phillip Securities lowered Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and a consensus target price of $115.39.

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.