Shopify Inc. (NYSE:SHOP) Position Trimmed by Gagnon Securities LLC

Gagnon Securities LLC lessened its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 22.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,709 shares of the software maker’s stock after selling 1,625 shares during the quarter. Gagnon Securities LLC’s holdings in Shopify were worth $607,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SHOP. Baillie Gifford & Co. lifted its holdings in shares of Shopify by 14.7% during the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the last quarter. FMR LLC lifted its holdings in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after buying an additional 5,869,795 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Shopify by 6.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock valued at $658,248,000 after buying an additional 484,561 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of 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 buying an additional 1,621,981 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Shopify by 9.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,387,806 shares of the software maker’s stock valued at $432,573,000 after buying an additional 471,280 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

Shares of NYSE:SHOP opened at $116.70 on Friday. The business’s fifty day moving average price is $110.16 and its two-hundred day moving average price is $88.30. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $122.00. The stock has a market capitalization of $150.79 billion, a price-to-earnings ratio of 109.07, a price-to-earnings-growth ratio of 2.45 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Oppenheimer lifted their price target on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. KeyCorp boosted their target price on Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Canaccord Genuity Group boosted their target price on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Moffett Nathanson boosted their target price on Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Truist Financial boosted their target price on Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Shopify has an average rating of “Moderate Buy” and an average target price of $100.32.

Shopify Company 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.