Kennedy Investment Group Sells 2,250 Shares of Shopify Inc. (NYSE:SHOP)

Kennedy Investment Group lowered its stake in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 12.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 15,665 shares of the software maker’s stock after selling 2,250 shares during the period. Kennedy Investment Group’s holdings in Shopify were worth $1,666,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in SHOP. Baillie Gifford & Co. raised its stake in shares of Shopify by 14.7% in 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 purchasing an additional 8,131,160 shares during the period. FMR LLC grew its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares in the last quarter. Clearbridge Investments LLC grew its holdings in shares of Shopify by 54.2% in the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock valued at $311,404,000 after acquiring an additional 1,657,251 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Shopify by 28.0% in 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 acquiring an additional 1,621,981 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Shopify by 52.5% in 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 acquiring an additional 1,325,350 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Trading Up 9.3 %

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on SHOP. Canaccord Genuity Group lifted their price target on Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Royal Bank of Canada restated an “outperform” rating and set a $130.00 price objective on shares of Shopify in a report on Wednesday, January 22nd. Wedbush upgraded Shopify from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $115.00 to $125.00 in a report on Monday, January 6th. Robert W. Baird boosted their price objective on Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Scotiabank boosted their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, fifteen have assigned 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.32.

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.