Kennedy Investment Group Decreases Stock Holdings in Shopify Inc. (NYSE:SHOP)

Kennedy Investment Group lowered its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,665 shares of the software maker’s stock after selling 2,250 shares during the quarter. Kennedy Investment Group’s holdings in Shopify were worth $1,666,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SHOP. Swiss National Bank increased its holdings in Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock worth $293,507,000 after buying an additional 33,300 shares during the period. Watts Gwilliam & Co. LLC increased its holdings in Shopify by 53.0% in the 4th quarter. Watts Gwilliam & Co. LLC now owns 13,401 shares of the software maker’s stock worth $1,431,000 after buying an additional 4,641 shares during the period. Teachers Retirement System of The State of Kentucky increased its holdings in Shopify by 29.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after buying an additional 77,500 shares during the period. Oppenheimer & Co. Inc. boosted its position in Shopify by 26.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after purchasing an additional 7,027 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV boosted its position in Shopify by 4.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after purchasing an additional 209 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SHOP shares. Royal Bank of Canada reiterated an “outperform” rating and set a $130.00 target price on shares of Shopify in a research report on Wednesday, January 22nd. Oppenheimer raised their price objective on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Barclays raised their target price on Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Finally, Moffett Nathanson raised their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Trading Up 9.3 %

Shares of SHOP opened at $117.35 on Wednesday. Shopify Inc. has a 1 year low of $48.56 and a 1 year high of $120.72. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. The stock has a 50 day simple moving average of $109.40 and a 200-day simple moving average of $87.52. The stock has a market cap of $151.63 billion, a PE ratio of 109.67, a PEG ratio of 2.24 and a beta of 2.46.

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.