Dakota Wealth Management Trims Stock Holdings in Shopify Inc. (NYSE:SHOP)

Dakota Wealth Management reduced its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,731 shares of the software maker’s stock after selling 185 shares during the period. Dakota Wealth Management’s holdings in Shopify were worth $928,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group boosted its stake in 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. Brooklyn Investment Group bought a new position in shares of Shopify in the third quarter valued at approximately $33,000. Rosenberg Matthew Hamilton grew its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. Truvestments Capital LLC bought a new stake in Shopify during the 3rd quarter worth approximately $45,000. Finally, GAMMA Investing LLC lifted its stake in Shopify by 73.5% in the 3rd quarter. GAMMA Investing LLC now owns 597 shares of the software maker’s stock worth $48,000 after purchasing an additional 253 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of SHOP opened at $107.74 on Friday. The company has a 50-day simple moving average of $109.38 and a two-hundred day simple moving average of $86.64. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. The firm has a market capitalization of $139.22 billion, a PE ratio of 100.70, a price-to-earnings-growth ratio of 2.24 and a beta of 2.46. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHOP. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 price target on shares of Shopify in a report on Thursday, December 12th. Citigroup raised their price target on Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a report on Monday, September 30th. Canaccord Genuity Group boosted their price objective on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Wedbush raised shares of Shopify from a “neutral” rating to an “outperform” rating and raised their target price for the company from $115.00 to $125.00 in a research note on Monday, January 6th. Finally, Robert W. Baird boosted their price target on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.31.

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.