Kingsview Wealth Management LLC Acquires 2,829 Shares of Shopify Inc. (NYSE:SHOP)

Kingsview Wealth Management LLC lifted its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,397 shares of the software maker’s stock after purchasing an additional 2,829 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Shopify were worth $2,807,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its holdings in Shopify by 14.7% in the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock worth $5,078,176,000 after acquiring an additional 8,131,160 shares in the last quarter. FMR LLC boosted its stake in Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. National Bank of Canada FI grew its position in Shopify by 28.0% during the 3rd quarter. National Bank of Canada FI now owns 7,408,880 shares of the software maker’s stock valued at $593,588,000 after purchasing an additional 1,621,981 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Shopify by 52.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,848,143 shares of the software maker’s stock valued at $308,390,000 after purchasing an additional 1,325,350 shares in the last quarter. Finally, Jennison Associates LLC purchased a new position in Shopify in the fourth quarter worth about $132,323,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 1.1 %

NYSE SHOP opened at $117.33 on Monday. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $122.81. 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 market cap of $151.60 billion, a PE ratio of 109.65, a P/E/G ratio of 2.49 and a beta of 2.47. The stock’s 50 day moving average is $110.91 and its 200 day moving average is $90.72.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. New Street Research started coverage on shares of Shopify in a report on Friday, January 10th. They set a “neutral” rating and a $115.00 price target on the stock. Scotiabank increased their target price on Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research note on Thursday, October 24th. Royal Bank of Canada reissued an “outperform” rating and issued a $130.00 target price on shares of Shopify in a report on Wednesday, January 22nd. Truist Financial upped their price target on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Finally, Loop Capital upgraded Shopify from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $110.00 to $140.00 in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $100.32.

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.