Cromwell Holdings LLC Trims Stock Position in Shopify Inc. (NYSE:SHOP)

by · The Cerbat Gem

Cromwell Holdings LLC lessened its position in shares of Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) by 15.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,054 shares of the software maker’s stock after selling 388 shares during the quarter. Cromwell Holdings LLC’s holdings in Shopify were worth $196,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in SHOP. Brighton Jones LLC raised its position in shares of Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after buying an additional 584 shares during the period. Wealthfront Advisers LLC raised its position in Shopify by 398.0% in the fourth quarter. Wealthfront Advisers LLC now owns 71,750 shares of the software maker’s stock valued at $7,629,000 after purchasing an additional 57,341 shares during the period. Sequoia Financial Advisors LLC raised its position in Shopify by 1.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 18,454 shares of the software maker’s stock valued at $1,962,000 after purchasing an additional 247 shares during the period. Avantax Advisory Services Inc. raised its position in Shopify by 2.0% in the fourth quarter. Avantax Advisory Services Inc. now owns 42,526 shares of the software maker’s stock valued at $4,522,000 after purchasing an additional 842 shares during the period. Finally, Erste Asset Management GmbH purchased a new stake in Shopify in the fourth quarter valued at approximately $5,963,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Trading Up 0.7%

Shares of SHOP stock opened at $115.16 on Friday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The company has a market cap of $149.41 billion, a P/E ratio of 74.30, a PEG ratio of 4.82 and a beta of 2.61. The firm has a fifty day moving average price of $107.60 and a 200 day moving average price of $104.93.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SHOP shares. Loop Capital cut their target price on Shopify from $150.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Royal Bank Of Canada cut their target price on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 17th. Morgan Stanley boosted their target price on Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Atb Cap Markets raised Shopify from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 8th. Finally, Benchmark cut their price objective on Shopify from $150.00 to $125.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $115.66.

Check Out Our Latest Report on SHOP

Shopify Profile

(Free Report)

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.

See Also

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