Apollon Wealth Management LLC Sells 503 Shares of Shopify Inc. (NYSE:SHOP)

Apollon Wealth Management LLC reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 0.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,835 shares of the software maker’s stock after selling 503 shares during the period. Apollon Wealth Management LLC’s holdings in Shopify were worth $9,203,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group lifted its position in shares of Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Rosenberg Matthew Hamilton raised its holdings in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the second quarter worth $33,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of Shopify in the second quarter worth $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Shopify in the second quarter worth $39,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Stock Up 3.3 %

Shares of NYSE:SHOP opened at $89.99 on Tuesday. The firm has a 50 day simple moving average of $78.41 and a 200-day simple moving average of $69.79. Shopify Inc. has a twelve month low of $48.56 and a twelve month high of $92.16. The company has a market capitalization of $116.12 billion, a PE ratio of 91.83, a P/E/G ratio of 2.91 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Evercore ISI raised their price target on shares of Shopify from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. UBS Group raised their price target on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Barclays lifted their target price on shares of Shopify from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Royal Bank of Canada lifted their target price on shares of Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, KeyCorp began coverage on shares of Shopify in a research report on Thursday, July 25th. They set an “overweight” rating and a $80.00 price target for the company. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $81.03.

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.